Hazelview Sustainability Report 2025

SUSTAINABILITY AT HAZELVIEW 2025 Sustainability Report

Creating Value for People & Places

WE ARE COMMITTED TO BUILDING A MORE SUSTAINABLE AND RESILIENT REAL ESTATE BUSINESS IN PARTNERSHIP WITH OUR STAKEHOLDERS.

TABLE OF CONTENTS 03

Introduction & Highlights

12

Sustainability Governance

16

Our People

22

Social Impact

28

Private Real Estate Investments

52

Public Real Estate

58

Appendix

HAZELVIEW 2025 SUSTAINABILITY REPORT

PAGE 03

ABOUT THIS REPORT Our 2025 Sustainability Report (‘Sustainability Report’ or ‘this report’) communicates our significant environmental, social, and governance (ESG) topics and summarizes our activities, performance and accomplishments for the year ended December 31, 2025, unless otherwise stated. We also highlight and share details on many of our corporate programs that advance ESG performance in our organization and in our private and public real estate investments. This report was published in July 2026, and our 2024 Sustainability Report was published in July 2025. The terms ‘sustainability’ and ‘environmental, social and governance (ESG)’ are used interchangeably. Hazelview operates as an integrated platform led by Hazelview Investments.

This report primarily relates to the activities of Hazelview Investments, and, where stated, includes the activities of other legal and operating entities, including Hazelview Properties, Hazelview Ventures, and the funds and vehicles they manage (together “Hazelview”, “we”, “our”).1 All monetary amounts are denoted in Canadian dollars, unless otherwise stated.

The content of this report references recognized disclosure standards: the Task Force on Climate-related Financial Disclosures (TCFD) and Sustainability Accounting Standards Board (SASB) Real Estate Standard. Please see the standards referenced in the Appendix of this report.

We continue to monitor developments of sustainability disclosure standards and reporting best practices, which includes the Canadian Sustainability Disclosure Standards (CSDS).

For more information on sustainability at Hazelview, please contact us at sustainability@hazelview.com.

The following applies to the public securities components of our separately managed accounts and private funds. For sustainability or ESG-related disclosure on our public funds, including Hazelview Global Real Estate Fund and Hazelview Alternative Real Estate Fund (the “Funds”), please review the prospectuses.

1

HAZELVIEW 2025 SUSTAINABILITY REPORT

LETTER FROM OUR LEADERSHIP

LETTER FROM OUR LEADERSHIP Colleen Krempulec Head of Sustainability & Brand

PAGE 04

We are pleased to present Hazelview’s 2025 Sustainability Report and share an update on our corporate and real estate sustainability accomplishments and performance for 2025.

Strengthening Strategic Insight and Resilience

Translating Insights into Policy

At Hazelview, we continue to create value for people and places. In 2025, we advanced our sustainability strategy with a clear focus on rigour and evidence, equipping our business to navigate an increasingly complex ESG landscape while delivering long-term value for our clients, employees, and communities.

The findings from the ESG Materiality Assessment and Climate Scenario Analysis directly informed an update to our Responsible Investment Policy across both private and public real estate businesses, ensuring our formal investment framework reflects our most current understanding of material ESG and climate risks and opportunities.

Central to this effort were two foundational strategic exercises: a comprehensive ESG Materiality Assessment and a Climate Scenario Analysis (CSA) completed across both our private and public real estate businesses. Together, these initiatives provided a more rigorous and data-driven understanding of the risks and opportunities most relevant to our business. Through the ESG Materiality Assessment, we clarified and prioritized the issues with the greatest potential to influence long-term value. The Climate Scenario Analysis enhanced our ability to assess portfolio resilience under different future climate pathways.

Together, these exercises sharpen our understanding of the sustainability and climate-related risks and opportunities most financially material to our long-term performance. The insights gained are now embedded across our sustainability strategy, informing capital allocation, operational planning, and stakeholder engagement. These are not simply analytical exercises — they are integral considerations of how we make decisions, manage risk, and create long-term value.

This update further embeds sustainability into how we evaluate, acquire, and manage assets. By anchoring our policy in evidence drawn directly from our materiality and climate work, we are further strengthening the connection between strategic analysis and investment decision-making — from acquisition through to asset management.

Delivering on Environmental Priorities For the second consecutive year, Hazelview ranked 1st in our peer group in the 2025 GRESB Canadian Multi-family Standing Investments Assessment, an independently validated recognition that we are pleased to share with our stakeholders. This result is underpinned by achieving 100% green building certification across our entire Canadian multi-family portfolio for the third consecutive year through the BOMA Best and Canadian Certified Rental Building – Living GREEN Together™ (CRBP) certification programs, and 100% environmental audit coverage across the same portfolio; results that speak to the rigour and consistency of our environmental program.

HAZELVIEW 2025 SUSTAINABILITY REPORT

We’ve set a company-wide goal to develop a futureready real estate business that is sustainable, resilient and equitable.

LETTER FROM OUR LEADERSHIP

PAGE 05

We also advanced our approach to sustainable development by leveraging data-driven technology to measure and assess embodied carbon across our development projects. By integrating digital tools into the design process, we are gaining greater visibility into the carbon impact of construction materials and enabling more informed, forwardlooking decision-making.

Conduct, we engaged our vendor network to communicate and formalize these changes, achieving a 96% acknowledgement rate among our regularly used vendors.1 This process established a clearer framework for aligning our vendors with our sustainability policies, reinforcing procurement standards, and embedding shared accountability and commitments throughout our supply chain.

Building Inclusive and Connected Communities

Looking Ahead

2025 marked significant milestones in our commitment to inclusion and community impact. We achieved Rainbow Registered accreditation for eight multi-family residential buildings across our portfolio, and proudly opened Canada’s first Rainbow Registered residential rental building with the launch of Story of Midtown Toronto®. This recognition reflects the inclusive culture we are deliberately building for our residents, our teams, and the broader community.

The Hazelview Cares Foundation completed its inaugural year of operation, channelling resources into housing, education and employment, health and well-being, and local community initiatives. We also expanded the Hazelview Rent Aid program, providing direct support to 86 families navigating affordability challenges, reflecting our commitment to the communities we serve.

Advancing Sustainability across our Supply Chain In 2025, we took meaningful steps to advance sustainability considerations across our supply chain. Following updates to our Vendor Code of

While we are encouraged by the progress achieved in 2025, we recognize that the work ahead requires sustained focus, collaboration, and innovation. The challenges we face — from climate change to social equity — demand thoughtful action and long-term commitment. The clarity gained through our materiality and climate work has sharpened our priorities, and we look forward to building on this momentum in the years ahead.

None of this would be possible without the dedication of the entire Hazelview team. We extend our sincere thanks to every member of our organization for their contributions, and to our partners, investors, and residents for their continued trust and collaboration.

We invite you to explore this report and welcome your questions and feedback.

Colleen Krempulec, Head of Sustainability & Brand Refers to vendors engaged across Hazelview Properties Services Inc.

1

HAZELVIEW 2025 SUSTAINABILITY REPORT

2025 SUSTAINABILITY HIGHLIGHTS

2025 SUSTAINABILITY HIGHLIGHTS

PAGE 06

HAZELVIEW INVESTMENTS Inaugural year for the Hazelview Cares Foundation

FILE-CIRCLE-CHECK

Published a revised Responsible Investment Policy for both public and private real estate investments

Recertified as a Best Workplaces in Real Estate & Construction™

82%

Completed a companywide ESG Materiality Assessment

100%

employee completion rate for Belonging1 training

of our employees agree that Hazelview is a great place to work

18

650+

total scholarships & bursaries awarded to students

hours volunteered by employees

4,700+

86

individuals supported via Hazelview Helping Hands initiatives

families supported through our Rent Aid program

6,400+

hours of overall training provided to employees across topics including sustainability, Belonging1 and mental health

PRIVATE REAL ESTATE

🏅

PUBLIC REAL ESTATE

anked #1 in our peer group for the 2025 GRESB R Canadian Multi-family Standing Investments Assessment for a second consecutive year

100%

Achieved environment audits (energy, water or waste) for 100% of our Canadian multi-family portfolio3

Completed our second Principles for Responsible Investment (PRI) submission

Completed a climate scenario analysis focused on climate-related transition risks and opportunities

Maintained 100% green building certification for entire Canadian multi-family portfolio, for the third consecutive year through the BOMA Best and the Canadian Certified Rental Building – Living GREEN Together™ (CRBP) certification programs2

100%

10,000+

Received over 10,000+ completed satisfaction surveys from residents and prospects

8

multi-family residential buildings obtained Rainbow Registered Accreditation

Belonging at Hazelview relates to Diversity, Equity, and Inclusion For all buildings within the portfolio that were operational for 12 months (green building certifications) 3 Includes and represents environmental audits completed from 2021-2025 for the Canadian multi-family portfolio 4 Compared to 2024 electricity intensity (ekWh/sf) for the Canadian multi-family portfolio 1

2

globe

Completed a climate scenario analysis for physical and transition climate-related risks and opportunities for our Canadian multi-family portfolio

Developed and delivered a specialized energy and water efficiency training pilot for building operators

6

cleantech and property technologies funded through Hazelview Ventures

5.1%

reduction in electricity intensity4

HAZELVIEW 2025 SUSTAINABILITY REPORT

INTRODUCTION

PAGE 07

ABOUT HAZELVIEW

HAZELVIEW INVESTMENTS TOTAL AUM: $10.9B

Hazelview Investments Inc. is a global real estate investment firm with more than 25 years of experience and over $10 billion* in assets under management.

Our strategically integrated investment platform offers single-point access to both private and public market opportunities. Through our range of in-house investment, development, and property management capabilities, our goal is to deliver repeatable risk-adjusted returns for our clients. Guided by deep expertise, data-driven insights, and an ownership approach to investment, we actively aim to create and enhance value for investors, partners, and communities.

As a purpose-built rental housing provider, Hazelview Properties is committed to delivering high-quality homes and fostering resilient, inclusive communities. We do this through responsible property management, a focus on resident well-being and belonging, and meaningful investments that strengthen the communities where we operate.

Our vision is to create value for people and places.

In this, we are guided by our core values: Collaboration

Ownership Mindset

1

$9.2B 200+ AUM

Ambition

Having Fun

Figure includes all units across the development lifecycle, including completed, under construction, and planned units

25+

investments

years of experience

PROPERTY MANAGEMENT

21,175

multi-family units under professional property management

215,413

Core Values

Trust

PRIVATE REAL ESTATE

542

property specialists

11

regional offices

SF

of commercial space under professional property management

219

multi-residential properties in 8 cities

DEVELOPMENT MANAGEMENT

$13.1B

of development pipeline

20,791 17.7M SF suites under development1

homes in various stages of development across Canada

PUBLIC REAL ESTATE

$1.7B 15+ AUM

years of public real estate investing

20+

average years of experience among our Portfolio Management Teams

HAZELVIEW 2025 SUSTAINABILITY REPORT

INTRODUCTION

HAZELVIEW’S INTERNATIONAL PRESENCE We are proud of our diverse, international, talented workforce.

665

109

4

11

total employees

global offices

investment management employees

PAGE 08

TORONTO

HAMBURG

NEW YORK HONG KONG

556+

property management employees

regional offices

Global Offices

Regional Offices

HAZELVIEW 2025 SUSTAINABILITY REPORT

INTRODUCTION

PAGE 09

AWARDS, ASSOCIATIONS & MEMBERSHIPS Awards:

Associations and Memberships:

+ Recertified as a Best Workplace

+ Rental Housing Canada (RHA)

in Real Estate and Construction™ in 2025, an accreditation that demonstrates to the market that we are an employer of choice and are committed to improving our workplace through reporting and analysis

+ Recertified in 2025 as one

of Canada’s Most Admired Corporate Culture Award which recognizes best-in-class Canadian organizations for having cultures that enhance performance and sustain a competitive advantage

+ Best Workplaces in Ontario (2025)

+ Federation of Rental-housing Providers of Ontario (FRPO)

+ Real Property Association of Canada (REALPAC)

+ Greater Toronto Apartment Association (GTAA)

+ Rainbow Registered + Building Industry and land Development Association (BILD)

+ 30% Club

+ Investment Property Owners Association of Nova Scotia (IPOANS)

+ Green Will Initiative (GWI) + Urban Land Institute (ULI) + Women’s Leadership Initiative (WLI)

Global Initiatives: + Global Real Estate Survey Benchmark (GRESB)

+ Principles for Responsible Investment (PRI)

AWARDS, ASSOCIATIONS & MEMBERSHIPS

HAZELVIEW 2025 SUSTAINABILITY REPORT

INTRODUCTION

PAGE 10

OUR SUSTAINABILITY STRATEGY

ESG MATERIALITY ASSESSMENT

We are committed to building a future-ready real estate business in partnership with our stakeholders.

In 2020, we launched our first sustainability strategy for our Canadian multi-family portfolio.

We set a company-wide sustainability goal and strategic objectives to build a future-ready business—one that is sustainable, resilient, and equitable. Our sustainability strategy encompasses our corporate operations and public and private real estate investments.

In 2025, Hazelview advanced its sustainability strategy by building a deeper, more rigorous understanding of the ESG considerations and climate related risks and opportunities that influence our business. Central to this effort were two foundational strategic initiatives completed during the year: a comprehensive ESG Materiality Assessment and a Climate Scenario Analysis (CSA). Together, these exercises provide a clearer view of where sustainability and climate factors intersect most meaningfully with our investment strategies, operational practices, and long-term enterprise value.

GLOBAL INITIATIVES

These assessments reinforce our commitment to future-ready decision-making by identifying the ESG issues most financially material to our private and public real estate portfolios, clarifying priority areas for value creation, and strengthening our overall risk management to support long-term resilience. The insights gained are now embedded in our sustainability strategy and will continue to guide capital allocation, operational planning, and engagement with stakeholders.

We leverage these findings to enhance our ability to manage sustainability-related risks, capture emerging opportunities, and deliver long term value for residents, investors, and communities.

The ESG Materiality Assessment outlined below represents a critical step in aligning our strategic decisions with evolving stakeholder expectations, emerging regulation, and a rapidly changing climate landscape.

Global Real Estate Sustainability Benchmark Participant Member

Principles for Responsible Investment Signatory

In 2025, we finalized a comprehensive sustainability-related financial materiality assessment across our private and public real estate businesses. The assessment was undertaken to validate and prioritize sustainability related risks and opportunities that could reasonably be expected to impact Hazelview’s long-term enterprise value, financial performance, and resilience, including those related to climate.

The exercise leveraged globally recognized sustainability and climate disclosure standards (SASB, IFRS S1 and S2) and was designed to strengthen strategic decision-making, enhance risk management and prepare the organization for evolving regulatory and investor expectations.

With the support of independent third-party experts, Hazelview evaluated more than 40 climate and sustainability related risks and opportunities using structured criteria that considered the likelihood of occurrence, potential financial significance, and anticipated time horizons (short, medium, and long term).

Engagement with internal stakeholders from across the organization, including leadership, was a core component of the process, reflecting both technical analysis and business line perspectives. Risks and opportunities were subsequently prioritized based on their potential financial impact.

HAZELVIEW 2025 SUSTAINABILITY REPORT

INTRODUCTION

ESG Materiality Assessment Results The results of the assessment reinforced and validated our existing understanding of priority focus areas across our private and public real estate businesses, while also enhancing clarity on priority value creation opportunities.

For the private real estate business, the assessment concluded that the sustainability opportunities most material to the business include waste reduction, tenant satisfaction, and technology and innovation, reflecting their potential to support operational performance. All risks evaluated fell into either monitoring or informative impact tiers.

Sustainability Matter

PAGE 11

For the public real estate business, no risk was identified as being material and the salient findings clustered at either monitoring or informative impact tiers, spanning both opportunities and risks as outlined below.

The outcomes of the materiality assessment provide a clear and decision-useful view of where sustainability and climate factors intersect most meaningfully with Hazelview’s business strategy and financial performance.

Private Real Estate

Environmental

Risk 🌳

Nature

🏛

Environmental Regulation & Compliance*

💧

Water Efficiency

♲

Waste Reduction

HAND-HOLDING-SEEDLING

Management of Tenant Sustainability Impacts

Opportunity

Public Real Estate Risk

Opportunity Material: likely to have financial impact Monitoring: potential to have financial impact Informative: unlikely to have financial impact

Governance

Social

USERS Tenant Satisfaction CHART-NETWORK Human Capital Management* HANDS-HELPING

Community Impact & Engagement

HOUSE-HEART

Affordable Housing*

user-doctor

Occupational Health & Safety

⛟

Supply Chain & Procurement

SHIELD-CHECK

Data Privacy & Protection

LEGAL

Ethics & Compliance

What Comes Next The results of the materiality assessment are being used to validate and refine Hazelview’s sustainability strategy, inform our risk management practices, support future capital allocation and investment decisions, and advance transparency in sustainability reporting to stakeholders. Insights gained through the assessment are also being leveraged in investor engagements to support informed dialogue on risk, resilience and long-term value creation.

The outputs of this exercise also provided a strong foundation for the climate scenario analysis, enabling Hazelview to conduct a forward-looking assessment of climate-related impacts under different future pathways.

SUSTAINABILITY GOAL

LIGHTBULB-CFL-ON Technology & Innovation

*Please note that a total of 40 sustainability topics were assessed during this exercise. Some topics have been combined for disclosure purposes:

• Human Capital Management: includes human capital turnover and human capital attraction

• Environmental Regulation & Compliance: includes mandatory waste reporting, stricter building codes and soil contamination

• Affordable Housing: Includes rent control regulations and government incentives to increase supply of affordable housing

Develop a future-ready real estate business that is sustainable, resilient, and equitable.

HAZELVIEW 2025 SUSTAINABILITY REPORT

PAGE 12

SUSTAINABILITY GOVERNANCE Our sustainability progress is rooted in strong governance.

HAZELVIEW 2025 SUSTAINABILITY REPORT

Sustainability Governance

PAGE 13

SUSTAINABILITY GOVERNANCE Governance Overview Hazelview’s sustainability strategy is embedded within our corporate operations, investments and funds, and aligns with our governance framework. The Managing Partner, Head of Sustainability & Brand is responsible for managing and implementing the sustainability strategy. Their mandate includes overseeing Hazelview’s sustainability program and disclosure, including environmental & social performance, measurement, and reporting in addition to leading quarterly meetings with the Sustainability Steering Committee. The Managing Partner, Chief Human Resources & Strategy Officer has oversight and responsibility for sustainability which includes climate and Belonging at Hazelview.

Sustainability Oversight and Accountability Sustainability Steering Committee

Description:

SUSTAINABILITY POLICY

Cross-functional Senior and Executive Team members that oversee and advise on sustainability implementation across the company Responsibilities: + Meets quarterly to discuss sustainability activities, performance and plans, and reports key activities and outcomes to the CEO and Executive Team

SUSTAINABILITY STEERING COMMITTEE DIVERSITY, EQUITY & INCLUSION COMMITTEE

+ Leads implementation of sustainability priorities within each line of business + Submits annual GRESB and PRI surveys + Reviews the Sustainability Policy and approves updates + Oversees strategic sustainability initiatives such as the ESG materiality assessment and climate-related work and disseminates results to committee members + Approves the Sustainability Report

Linking Compensation to Sustainability Objectives All individuals with sustainability-related responsibilities have performance targets and objectives which are linked to their compensation. Annual bonuses are based on individual performance which includes performance related to the sustainability targets for which they are responsible.

SUSTAINABILITY GOVERNANCE FRAMEWORK

Diversity, Equity & Inclusion (DEI) Committee

PRIVATE REAL ESTATE: SUSTAINABILITY PROGRAM

PUBLIC REAL ESTATE: PORTFOLIO MANAGEMENT

Description: Diverse group of Hazelview team members with the mission to guide the implementation of our corporate DEI strategy Responsibilities: + Meets quarterly to discuss strategies for fostering diversity, equity, inclusion and belonging within the organization + Leads the implementation of Belonging priorities across departments + Reviews the DEI Policy and approves updates + Reports key activities and outcomes to the Executive Champion

BUSINESS LINE LEADS

HAZELVIEW 2025 SUSTAINABILITY REPORT

Sustainability Governance

PAGE 14

SUSTAINABILITY POLICIES & PROCEDURES We recognize that policies are a key component of sustainability governance and support overall accountability on our sustainability-related commitments by enabling us to measure and report our progress.

Sustainability Policy

Code of Business Conduct & Ethics

Summarizes and guides our actions on sustainability.

The Managing Partner, Head of Sustainability and Brand is responsible for stewarding the policy’s implementation across the Hazelview business and the policy is reviewed annually and updated as necessary.

Defines our expectations of our employees to uphold fundamental values and ethical standards in all aspects of their work and Hazelview’s business.

Sets out guidance with respect to conflicts of interest, protection of Hazelview’s assets and resources, confidential information, intellectual property, and creating a positive work environment.

Diversity, Equity & Inclusion Policy Summarizes our vision, goals, pillars and commitments to diversity, equity, and inclusion.

The policy outlines how we will advance DEI and belonging within our company and measure progress using both quantitative and qualitative results. The policy applies to our internal practices and may be applicable to our vendors and partners where necessary.

Responsible Investment Policy Defines how we consider ESG and climate-related risks within our investment process and defines how we integrate ESG topics during asset ownership. The policy was reviewed and updated in 2025 to incorporate findings from our ESG materiality assessment and climate scenario analyses, with the most impactful topics are considered throughout the investment lifecycle.

Sustainable Development Policy We recognize that the buildings we develop will be an important part of our communities for decades to come, underscoring the importance of thoughtfully integrating sustainability from the earliest stages of development and throughout the property’s life cycle.

The policy defines our practices and ambitions to align with industry best practices and maintain a consistent approach with our investors and development partners. The policy applies to all mixed-use and residential developments that Hazelview Investments actively or directly manages.

The policy outlines our goals, practices and procedures across the development lifecycle including site selection, sustainable design standards, environmental performance, and social responsibility requirements.

HAZELVIEW 2025 SUSTAINABILITY REPORT

Sustainability Governance

Remuneration Policy Our compensation processes and practices have been developed to support clear and consistent remuneration programs, sound and effective risk management, and long-term sustainable value.

These processes and standards help align our remuneration programs with performance, market conditions, shareholders’ long-term interests, and business objectives, including ESG-specific objectives. These processes and standards have also been designed to support our ability to attract, motivate, and retain staff. Our variable remuneration programs are linked to company and individual performance, which is assessed through a comprehensive appraisal system. Our practices discourage risk taking that exceeds the level of tolerated risk for any account or fund managed

by Hazelview and inhibits conflicts of interest among employees. Unethical behaviour or the breach of internal and external regulations, policies, or practices is taken seriously and can lead to termination.

Data Privacy & Cybersecurity Cybersecurity is top of mind at Hazelview and embedded across the organization to inform decision-making. Hazelview has dedicated staff for cybersecurity to oversee our systems, processes, and controls. We also engage third party experts as needed to assess our security posture and recommend enhancements on a routine basis.

PAGE 15

We have a suite of systems, processes, and controls in place that support prevention and detection of cybersecurity and data privacy incidents, including:

+ Biweekly phishing simulation, with mandatory training for employees as needed

+ Third-party Security Operations Centre (SOC) doing real-time detection and remediation services where threat alerts are generated, and disablement of devices and users when suspicious activity is detected

+ Regular penetration testing with assistance of third-party experts We further strengthened our privacy and cybersecurity practices in 2025 by formalizing additional technology and cybersecurity policies within our existing suite, which are aligned with leading industry standards such as ISO/IEC 27001 and the CIS Critical Security Controls. This framework formalizes our internal procedures, enhances governance, and supports a consistent, risk-based approach to protecting data across the organization.

HAZELVIEW 2025 SUSTAINABILITY REPORT

OUR PEOPLE Our greatest strength is our people.

PAGE 16

HAZELVIEW 2025 SUSTAINABILITY REPORT

Our People

PAGE 17

OUR TEAM At Hazelview, we are continuously striving to create value for our people and enhance relationships with our team members, investors, supplier partners, and community members. Helping our stakeholders thrive supports our business and enables us to attract and retain the best people.

Our objective is to create an inclusive, respectful, and rewarding workplace that allows our people to grow and advance in

Employment Type

In 2025, we continued to increase our investment in people across a range of areas including learning and development, benefits and perks, health & well-being resources, and more.

Tenure 2025

2024

2023

Regular full-time employees

640

717

747

Regular part-time employees

9

9

11

Contract employees

13

3

14

Co-op student / intern1

3

2

0

665

731

772

Total employees

their careers. Our approach is guided by our People & Culture team which is responsible for engaging and working collaboratively to offer our people a fulfilling work experience.

23+25+281311B

Annual totals refer to the number of active roles at the end of the reporting period

1

23%

150

<1 year

25%

168

1-2 years

28%

185

3-5 years

13%

88

6-9 years

11%

74

10+ years

HAZELVIEW 2025 SUSTAINABILITY REPORT

Our People

PAGE 18

EMPLOYEE ENGAGEMENT

EMPLOYEE WELL-BEING

In 2025, we conducted an internal, company-wide survey to measure employee engagement and satisfaction. We use the results of the survey to identify opportunities to improve the working experience and to maintain an inclusive, respectful, and rewarding workplace. We can see our collective efforts reflected in our achievements – we were recertified as a Best Workplaces in Real Estate & Construction (2025) and Best Workplaces in Ontario (2025)™ for a consecutive year.

Creating a workplace where employees thrive is a top priority.

SURVEY RESULTS

We pride ourselves on offering a range of benefits and perks designed to support our team members in both their professional and personal lives. Hazelview provides the following benefits and perks to support the overall health and well-being of our people and their families: + Comprehensive group health benefit plan with extended healthcare and drug benefits, travel insurance, life, and accidental death and dismemberment coverage + Additional paid vacation day for eligible employees starting from their 3rd work anniversary until their 7th (for a total of 5 extra days)

Employee Survey

83% RESPONSE RATE Employee Satisfaction

+ Offering employees one paid volunteer day per calendar year to enable them to take part in volunteering activities with registered charities and community organizations

87%

86%

+ Providing more flexibility to employees by combining sick days and personal days into 8 paid Wellness Days per year

82%

82%

agree people from all backgrounds are treated fairly and equally

feel Hazelview is a great place to work

feel included and respected by their team and company

feel encouraged to share their opinions, ideas, and suggestions for improvement

+ Flexibility to work from home 20% of the week + Additional flexibility and time off through our Summer Hours Programs where our teams get 5+ days of extra, paid time off + Benefits include $1,500 annually for counselling and mental health services + Partnership with Maple and Pillway to offer accessible wellness solutions In 2025, we enhanced our wellness programs by: + Adding family planning coverage for eligible expenses + Adding gender affirmation coverage for eligible expenses

HAZELVIEW 2025 SUSTAINABILITY REPORT

BELONGING AT HAZELVIEW GOALS Recognize, attract, and retain talent that reflects the diversity of the places we invest in

Identify and actively address barriers in organizational practices, training programs, and services

Support our people and the communities we operate in by investing in ongoing training and education

Create meaningful partnerships that reflect the diversity of our global presence

Our People

PAGE 19

BELONGING AT HAZELVIEW We are dedicated to building and nurturing a diverse, equitable, and inclusive culture where individual experiences and collective layers of difference are brought together. We invest where we see potential, building for now and generations to come.

We recognize that creating and fostering a diverse, equitable, and inclusive workplace allows us to develop better ideas, initiatives, and people. We also recognize that it is Hazelview’s responsibility to create an inclusive environment that respects the dignity and diversity of all team members. In bringing collective differences together, we grow as an organization by retaining the best talent and better serve our partners, and the communities in which we operate. Our Belonging approach aligns and integrates into our ongoing sustainability efforts, creates opportunities for growth and improves our performance.

In 2025, we advanced against our Belonging commitments.

Key accomplishments included: + Achieving Rainbow Registered accreditation for Hazelview offices located in Toronto Rainbow Registered is a national accreditation for 2SLGBTQI+ friendly businesses and organizations, administered by the Canadian Queer Chamber of Commerce (CQCC). The program evaluates compliance with a set of quality standards that help foster welcoming, respectful and supportive environments for 2SLGBTQI+ customers, residents, and staff.

Accreditation is time-limited and requires ongoing accountability + Maintaining 100% completion rates for Belonging training which includes anti-bias and foundational Belonging concepts. Belonging training is mandatory for all employees

HAZELVIEW 2025 SUSTAINABILITY REPORT

Our People

PAGE 20

OUR TEAM MEMBERS

35+27+11865321B Ethnicity

Gender – Employees 2025

2024

2023

Male

361

384

401

Female

296

334

356

Prefer not to answer

5

10

11

Non-binary

3

3

4

665

731

772

Total

Gender – Leadership Team 2025

2024

2023

Male

21

20

19

Female

9

9

8

Total

30

29

27

35%

231

White

27%

178

Asian

11%

70

Not specified

8%

56

Hispanic/Latinx

6%

43

Black/African descent

5%

31

Other

3%

22

Middle Eastern

2%

15

Prefer not to answer

2%

14

Bi-racial/Multi-racial

1%

4

Indigenous

<1%

1

Pacific Islander

55+29+16B Age

55% 366

Between 30-50

29%

193

Over 50

16%

106

Under 30

ANTI-BIAS HIRING Our commitment to inclusive hiring practices supports attracting top talent from all backgrounds and perspectives, driving innovation, creativity, and success across our organization. In 2025 we further enhanced our recruitment practices by reviewing and amending key recruitment tools and processes, including updating job aids and descriptions for accessibility clauses.

BELONGING TRAINING In 2025, we maintained a 100% completion rate amongst employees for mandatory Belonging training. The courses provided foundational knowledge on diversity, equity, and inclusion, helped develop self-awareness and objective judgment, identify biases that affect work relationships and productivity, and mitigate the impact of bias with attention and intention. We also offered the following training to our employees: + Fair and effective interviewing for diversity and inclusion + Diversity recruiting + Diverse talent in recruiting and hiring + E-learning course on the value of diversity in a team

HAZELVIEW 2025 SUSTAINABILITY REPORT

Our People

LEARNING & DEVELOPMENT We are committed to empowering talented people who share our core values and nurturing their long-term growth through a continuous learning environment.

In 2025, we continued to invest in our employees by providing over 6,400+ hours of overall training across topics such as sustainability, mental health and Belonging.

PAGE 21

CASE STUDY: ADVANCING ENERGY EFFICIENCY THROUGH OPERATIONAL TRAINING As part of our commitment to strengthening operational excellence and reducing our portfolio’s environmental footprint, Hazelview piloted a hands-on energy training initiative for employees, designed to empower our building operations teams with the practical skills needed to enhance efficiency, improve building performance, and support our long-term goals.

Developed collaboratively with one of our sustainability partners, Pather Built Environment, the training equipped building operators with practical skills to better understand how daily actions influence energy & water consumption and overall building performance by leveraging realworld case studies within the Hazelview portfolio. The training covered a range of topics including building systems (envelope, mechanical, and electrical), energy-impacting behaviours, preventative maintenance, and common performance challenges. In-person workshops included

building walkthroughs, allowing employees to apply concepts directly to real equipment and systems while reinforcing energy-efficient practices in a hands-on setting.

The training achieved strong outcomes, with a total of:

BADGE-CHECK 90%

Knowledge check success rate

Participants across 2 regions received targeted training (Alberta and Greater Toronto Area)

By investing in practical, energy-focused education, Hazelview is empowering operators to directly influence efficiency, reduce resource consumption, and improve long-term asset performance.

This initiative strengthens our operational foundation and supports Hazelview’s broader commitment to continuous improvement and sustainable portfolio management.

HAZELVIEW 2025 SUSTAINABILITY REPORT

SOCIAL IMPACT We aim to have real impact on people and the communities we operate in.

PAGE 22

HAZELVIEW 2025 SUSTAINABILITY REPORT

Social Impact

PAGE 23

SOCIAL IMPACT Hazelview’s social impact strategy is built on our commitment to strengthen the communities where we live and work. Through strategic partnerships and impactful programs, we focus on three core pillars:

HOUSING SUPPORT

EDUCATION & EMPLOYMENT

HEALTH & WELL-BEING

Programs and partnerships that enhance housing security, expand affordability, and create inclusive, long-term housing solutions

Programs and partnerships that provide access to quality education, skills training, and career opportunities

Supporting programs that enhance physical, mental, and community well-being

The sections that follow show how we are continuing to develop new programs and initiatives to address these needs and make an impact.

MEASURING OUR IMPACT IN 2025

$2.3M+

in financial and in-kind support to charities and non-profits (provided between 2020 and 2025 inclusively)

30+

registered charities supported across Canada

10,000+

individuals positively impacted by our programs

In its inaugural year, the Hazelview Cares Foundation laid the groundwork for meaningful partnerships and community investments.

The Foundation is committed to strengthening communities by funding charitable partners focused on housing support, education & employment, health & well-being, and local community initiatives. Through these partnerships, we aim to support opportunities where everyone can thrive.

HAZELVIEW 2025 SUSTAINABILITY REPORT

Social Impact

PAGE 24

HOUSING SUPPORT As a rental housing provider, we understand our responsibility to residents who call our properties home.

That’s why we introduced Rent Aid, a program that offers short-term rental support to residents facing financial hardship. Additionally, with our partners, we are building new housing supply, including affordable options across a range of housing types. We also support and partner with other organizations, including non-profits, such as Community Affordable Housing Solutions (CAHS) to help tackle housing challenges, and we continue to explore partnerships with non-profits to expand access to stable, well-located homes.

RENT AID PROGRAM Our Rent Aid program aims to foster a supportive and resilient community by helping residents overcome short-term challenges without the risk of missing a rent payment. The program is designed to support residents facing temporary financial hardship by offering comprehensive assistance focused on stability, resilience, and community connection.

Rent Aid offers the following assistance:

Personalized support: We take the time to understand each resident’s unique situation

Resource guides: We connect residents with a variety of resources, including local organizations and programs

Financial assistance: Residents can receive a one-time credit to their account to help ease temporary financial pressures

IN 2025

FAMILY 86

families were supported by our Rent Aid program

HAZELVIEW 2025 SUSTAINABILITY REPORT

Social Impact

PAGE 25

EDUCATION & EMPLOYMENT

EDUCATION PARTNERS

As part of our commitment to people, we invest in the communities where we operate to create pathways to both employment and education, both of which are key drivers of long-term socio-economic resilience.

In 2025, we advanced this commitment by delivering opportunities across our company, at select properties and cities where we operate through the following initiatives:

Program

2025 Key Results

Young Resident Summer Employment Program

+ Total of 26 young resident summer employees obtained work experience

With a special focus on equity-deserving youth, Hazelview’s Young Resident Employment Program, hires young residents across multiple cities as full-time summer staff, providing them with paid work experience, résumé enhancement, mentorship, and skill-building.

Hazelview Sustainable Real Estate Awards Program

+ 8,000+ hours of work experience provided

+ 18 total scholarships and bursaries awarded to students

Hazelview’s scholarship and bursary program aims to empower students who are passionate about urban development, engineering, and business management with a strong commitment to sustainability.

Hammer Heads Hazelview has partnered with Hammer Heads to provide apprenticeship opportunities for youth facing barriers to employment, supporting skills development and long-term careers in the trades. Through this partnership, we are investing in workforce development and building stronger, more inclusive communities.

BGC Ottawa (Formerly Boys & Girls Club) BGC Ottawa’s Leaders4Life programming and their Learning Kitchen provide youth with important life skills to equip them to be successful adults and leaders. The clubhouse hosts a gym, dance studio, education centre, learning centre, and two kitchens.

+ Hazelview contributed $7,500 to Hammer Heads resulting in two apprentices being placed at our Station House development

+ Hazelview is in year four of its five-year $1 million gift commitment to the new South Ottawa Clubhouse. This gift supports the youth of Heron Gate by funding the community education kitchen, an after school bus service for 4 nights/week, and their Leaders4Life program hosted at the 1770 Heatherington Clubhouse + More than 4,100 youth in South Ottawa will benefit from these community programs

HAZELVIEW 2025 SUSTAINABILITY REPORT

Social Impact

HEALTH AND WELL-BEING We recognize the opportunity to support the health and well-being of both our residents and employees.

Through our commitment to health and well-being, we aim to make healthcare accessible for our stakeholders.

EMPLOYEE HEALTH & WELLNESS We have a comprehensive well-being program for employees that includes enhanced access to healthcare providers, including mental health professionals, mental health resources and training, and access to programs that reduce barriers to accessing medication. More details about our Health & Wellness Programs can be found in the Our People section.

VIRTUAL HEALTHCARE FOR RESIDENTS Hazelview has partnered with Maple to provide select properties with convenient, on-demand virtual healthcare and mental health services. This initiative supports our commitment to enhancing resident wellbeing. The program includes:

PAGE 26

28

total buildings

1000+

registered program users

90+

dependents or registered program users

HAZELVIEW 2025 SUSTAINABILITY REPORT

Social Impact

PAGE 27

CASE STUDY: HELPING HANDS Hazelview Helping Hands, which celebrated its inaugural year in 2025, is a volunteer program designed to connect employees with meaningful opportunities and support the communities where we live and work. This program reflects our commitment to strengthening community resilience through hands-on action and strategic partnerships.

The program empowers team members to get involved in local initiatives that make a lasting impact. Each employee is provided one paid day off to volunteer with a local registered charity or not-for-profit of their choice or participate as part of a Hazelview-led initiative. Throughout the year, employees across the country came together to support a wide range of causes.

Highlights included:

can-food

130+ toys collected for the Halifax Toy Drive to provide toys for families in need

Toronto Parkdale Food Community Bank, collected over 1,340 non-perishable items to help reduce food insecurity

Supported 778 households through clothing donations to Women in Need Society, Bissell Centre, Saskatoon Interval House, and Revive & Thrive Wholesale

boot

20+ shoe boxes provided for the Shoebox Project in Quebec

Volunteers also provided ongoing support to local organizations such as Scott Mission, Habitat for Humanity (GTA) Good Shepherd Ministries, Room to Read, Quebec Food Bank, Hamilton Youth Programs, and Don’t Mess with the Don, to name a few. The program’s reach and results speak to the passion and dedication of our team:

220+

employees participated

650+

volunteer hours contributed

2,600+

individuals positively impacted

30+

non-profit organizations supported

Hazelview Helping Hands is a reflection of what we believe: building strong, inclusive communities starts with showing up—and taking action.

HAZELVIEW 2025 SUSTAINABILITY REPORT

PAGE 28

PRIVATE REAL ESTATE INVESTMENTS Our private real estate sustainability program protects value and strengthens relationships.

HAZELVIEW 2025 SUSTAINABILITY REPORT

Private Real Estate Investments

PRIVATE REAL ESTATE INVESTMENT MANAGEMENT

PAGE 29

Hazelview Investments operates a diversified real estate portfolio comprised of private real estate and private real estate debt across multiple asset classes. While our Canadian multi-family portfolio has been the focus of our integrated sustainability efforts to date, we are committed to employing strong sustainability management practices throughout our diversified private real estate portfolio.

The private real estate portfolio is invested across asset classes, including residential, office buildings, industrial, retail, land, and development. For some of these investments, Hazelview holds an equity interest but does not manage or operate the underlying assets on a day-to-day basis. In these cases, operational

decisions are made by our investment partners who range in size, scale, and maturity of sustainability management practices.

Where we do not manage the day-to-day operations of a building, we work closely with our third-party partners on ESG management practices, and we are committed to expanding sustainability considerations into our diversified portfolio.

We continue to engage with our investment partners to better understand their sustainability activities and performance and share sustainability data and results in our annual reporting to promote greater transparency and accountability.

Private Real Estate Investments

INTEGRATED SUSTAINABILITY APPROACH Our integrated sustainability program covers our Canadian multi-family portfolio where we provide asset and property management services. The remaining content within the Private Real Estate Sustainability section applies to the Canadian multi-family portfolio.

The four pillars of our program capture the key sustainability practices and initiatives that support our vision and commitments and align with our business strategy and values. The pillars are supported by performance indicators, targets, progress tracking, and reporting both internally and externally to our stakeholders. Our Canadian multi-family portfolio has been the focus of our sustainability efforts to date because we have operational control and access to sustainability performance data such as energy use, greenhouse gas emissions output, water use, waste management practices, and tenant engagement.

4 KEY BENEFITS OF OUR SUSTAINABILITY PROGRAM + Increased portfolio resilience through continuous resource efficiency improvements + Elevated risk identification and management

PAGE 30

SUSTAINABILITY GOVERNANCE & POLICY RESOURCE EFFICIENCY Improve operational efficiency of buildings and operations

SUSTAINABILITY PROGRAM PILLARS

HAZELVIEW 2025 SUSTAINABILITY REPORT

RESILIENCE Protect portfolio value through environmental and social risk identification and management

RESIDENT AND TENANT EXPERIENCE Strengthen relationships with residents, prospects, and tenants

RELATIONSHIPS Enhance relationships with employees, suppliers, and communities

+ Increased culture of innovation + Enhanced ability to attract and retain residents, tenants, and team members and maintain their trust

MEASUREMENT & TARGETS COMMUNICATIONS & REPORTING

HAZELVIEW 2025 SUSTAINABILITY REPORT

Private Real Estate Investments

CERTIFIED SUSTAINABLE BUILDINGS UNDERLINE COMMITMENTS TO PERFORMANCE In 2025, Hazelview maintained 100% green building certification (BOMA BEST or CRBP) rate for all properties in our Canadian multi-family portfolio for the third year in a row.

The BOMA BEST Sustainable Buildings certification recognizes excellence in energy and environmental management and performance in multi-family and commercial real estate and entails audits in ten categories: energy, water, waste, health & wellness, air quality, comfort, custodial, purchasing, site, and stakeholder engagement.

The Certified Rental Building Program and its associated Living Green Together environmental certification recognizes environmental leadership in the apartment industry by certifying properties against 55 industry-leading standards, including 10 environmental standards. These standards encourage quality and excellence in the operations and maintenance of multi-family properties and promote environmental responsibility and resident engagement.

PAGE 31

GRESB SUBMISSION Our environmental management efforts, audits, and building certifications supported our 2025 GRESB submission. Hazelview Investments had an overall score of 83 and ranked 1st among its peer group (Canadian multi-family standing investments). We also attained GRESB green star status within both the GRESB Development and Standing Investments benchmarks. These accomplishments underscore our strong sustainability commitments and performance across our portfolio, surpassing GRESB averages for environmental, social, and governance factors.

🏅 Ranked 1st in GRESB peer group for a second consecutive year (Canadian multi-family standing investments)

100%

green building certified portfolio (CRBP or BOMA BEST)

HAZELVIEW 2025 SUSTAINABILITY REPORT

Private Real Estate Investments

RESILIENCE Translating Climate Risk Insights into Long-Term Resilience.

Building resilience across our portfolio requires moving from principle to practice. As our understanding of climate related risks evolves, we are strengthening our ability to anticipate how these risks may affect assets over time and under different future conditions. Our resilience approach focuses on embedding climate considerations into investment, asset management, and capital planning decisions, enabling proactive and informed decision-making.

To advance this approach we are progressively enhancing our assessment of physical climate risks, moving beyond identification of current exposures to incorporate forward-looking analysis that informs long-term planning and asset-level resilience strategies. This evolution reflects our commitment to safeguarding asset value, supporting resident well-being, and strengthening portfolio performance under changing climate conditions.

The following section outlines one of the key tools we use to advance this work–a physical climate scenario analysis–and describes how the insights generated inform and strengthen our broader portfolio resilience planning.

CLIMATE SCENARIO ANALYSIS FOR OUR CANADIAN MULTI-FAMILY PORTFOLIO In 2025, we undertook a physical climate risk scenario analysis as a core component of our resilience strategy to deepen our understanding of how our Canadian multi-family portfolio may be exposed to climate-related hazards under a range of future climate conditions. This analysis operationalizes our commitment to forward-looking climate risk management by translating portfoliolevel priorities into asset-level insights.

Our objective was to move beyond high-level risk identification and assess potential exposure at the asset level, including potential vulnerabilities, resilience characteristics, and associated financial implications under different climate scenarios. By developing this more granular understanding, we are better positioned to prioritize interventions, guide capital planning, and enhance long-term portfolio resilience.

This analysis builds directly on our 2025 financial materiality assessment, focusing on climate hazards identified as priority or emerging risks. It advances our understanding from qualitative prioritization to forward‑looking, scenario‑based exposure analysis, providing deeper insight into how physical climate risks may evolve over time.

We designed the analysis to support multiple business objectives, including enterprise risk management, capital planning, and insurance engagement, while also preparing for evolving climate-related disclosure expectations. Our approach is aligned with leading industry practices and reflects our commitment to enhancing transparency and resilience.

PAGE 32

Approach The scenario analysis was designed to respond directly to the priority physical climate hazards identified through our 2025 materiality assessment.

Using third‑party climate data benchmarked against a historical baseline period (1981–2010), we explored how the frequency and severity of physical climate risks could evolve over time, alongside key transition dynamics such as electrification and regulatory change.

Exposure was assessed under two Intergovernmental Panel on Climate Change (IPCC) aligned climate scenarios: + A Paris‑Aligned, low‑emissions scenario + A Business‑as‑Usual, high‑emissions scenario To capture how risks may manifest over different horizons, the analysis evaluated exposure across three timeframes: short term (2030), medium term (2040), and long term (2050). Both chronic hazards (long-term stressors) and acute hazards (sudden and extreme events) were considered, with hazard likelihoods translated into business impact pathways and potential financial implications.

The key physical climate hazards analyzed include: + Extreme cold

+ Freeze-thaw cycles

+ Extreme heat

+ Riverine and coastal flooding

+ Extreme precipitation + Sea-level rise + Extreme wind

HAZELVIEW 2025 SUSTAINABILITY REPORT

Private Real Estate Investments

PAGE 33

Results The results of our scenario analysis indicate that physical climate risk is hazard‑specific and varies by geography and time horizon. While the likelihood of certain hazards increases materially across the portfolio over time, others remain stable or decline, underscoring the importance of differentiated, location-specific risk management strategies.

Climate Result

Exposure to Climate Hazards

Risk

Opportunity

Low Emissions Scenario

High Emissions Scenario

Material: likely to have financial impact

Extreme Cold

⚪

⚪

Low

Very Low

Extreme Wind

⚪

⚪

High

Very High

Extreme Heat

⚪

⚪

Very High

Very High

Monitoring: potential to have financial impact

Sea-level Rise

⚪

⚪

Very Low1

Very Low1

Extreme Precipitation

⚪

⚪

Very High

Very High

Freeze-thaw Cycles

⚪

⚪

Moderate

Very Low

Riverine & Coastal Flooding

⚪

⚪

Very Low

Very Low1

Physical

Climate Hazard

1

Impact

Climate Matter

Transition

Across most hazards, differences between climate scenarios become more pronounced over longer time horizons. This pattern reinforces the value of early planning and proactive resilience investments, particularly where risks may compound over time under higher‑emissions pathways.

Risk

Opportunity

Low Emissions Scenario

High Emissions Scenario

Policy & Legal2

⚪

⚪

Increases

Remains the same4

Technology3

⚪

⚪

Increases

Remains the same5

Market

⚪

⚪

Increases

Remains the same6

Very few Hazelview properties are located in areas exposed to this climate risk, resulting in a “very low” classification; however, this risk is recognized as increasing globally Includes access to capital (policy-driven incentives, tax credits, compliance alignment) 3 Includes resource efficiency, energy source, sustainable building materials 4 Remains the same, although higher uncertainty given potential regulatory fragmentation 5 Remains the same, technology leveraged more for risk management than value creation given regional constraints 6 Remains the same, although less predictability given regional divergence and policy fragmentation 1

2

Informative: unlikely to have financial impact

Based on these findings, the most material potential financial effects relate to building system stress, increased maintenance requirements, insurance costs, protection of resident health and safety, and the potential for business interruption. The results of the scenario analysis were reviewed by the Sustainability Steering Committee in the context of Hazelview’s existing capital planning practices and concluded that current management approaches are broadly aligned with the nature and scale of the most material physical climate risks identified through the analysis. Together, these insights will continue to inform operational and financial decision-making.

Looking Forward The results of the climate scenario analysis will be used to inform ongoing portfolio management and long-term planning activities. Hazelview intends to apply these insights by maintaining and refining existing mitigation strategies, embedding physical climate risk considerations into capital planning processes, and conducting targeted, site‑level assessments where appropriate. Together, these actions support a more informed and proactive approach to managing physical climate risks and enhancing portfolio resilience. The following sections outline the initiatives we implemented in 2025 to advance resource efficiency, alongside measures that support climate resilience across our Canadian multi-family portfolio.

HAZELVIEW 2025 SUSTAINABILITY REPORT

Private Real Estate Investments

RESOURCE EFFICIENCY Our investment and management processes integrate resilience throughout our Canadian multi-family portfolio.

Our Sustainability and Capital teams are responsible for implementing environmental programs and initiatives that improve resource efficiency, manage our environmental impact, and preserve asset value.

In 2025, we continued to measure our progress and evaluate the outcomes of our environmental programs and initiatives.

IMPROVING DATA QUALITY FOR INFORMED DECISION-MAKING As we advance on our sustainability journey, we recognize the importance of accurate data, which enables us to improve resource efficiency, manage the environmental impacts of our portfolio, set GHG emissions reduction targets, and confidently disclose our performance to our stakeholders.

In 2023, we launched our Data Management Plan, which outlines roles and responsibilities,

data-related boundaries, the utility data collection methodology with frequent quality-checking audits, and GHG emissions calculation protocols. Throughout 2025 we have maintained compliance with the Data Management Plan to support consistent internal processes, analysis and decision-making with respect to environmental performance data.

ENVIRONMENTAL AUDITS HIGHLIGHT EFFICIENCY OPPORTUNITIES Conducting environmental audits is an important step to improve building-level energy efficiency and performance, as they identify opportunities for energy efficiency improvements and GHG emissions reductions. The insights and recommendations generated from these assessments inform our decarbonization and strategic planning at the property level, enabling us to prioritize and implement impactful sustainability measures.

In 2025, we achieved our goal of completing environmental audits across 100% of our Canadian multi-family portfolio over a 4-year period.1 We conduct building inspections to monitor building performance, and in 2025 we continued to refine this process across our Canadian multi-family portfolio.

Building on the enhancements introduced in 2024, we revisited our building operations auditing process to ensure all recommendations made by external auditors are captured.

In addition, we piloted hands-on energy efficiency training at select buildings to further build our

PAGE 34

operational teams’ capabilities, as further described in the Energy Efficiency Training case study. Together, these efforts strengthen energy efficiency across our buildings and support the long-term sustainability and resilience of our portfolio.

IN 2025

39

audits completed

61+39+B

24 Waste Audits 15 Energy and Water Audits

Environmental audits have been conducted across our portfolio since 2021. In 2023, audits were completed at approximately 2/3 of the portfolio, with the remaining 1/3 completed in 2024 and 2025.

As of 2024, audits have been completed across the entire Canadian multi-family portfolio

1

HAZELVIEW 2025 SUSTAINABILITY REPORT

PAGE 35

ENERGY Our Canadian multifamily portfolio’s energy use includes purchased electricity and heating fuel (natural gas and heating oil). Heating fuel, which represents 69% of our total energy consumption, relates to both Hazelview-controlled and resident spaces, as we cannot isolate resident natural gas consumption in our buildings. Electricity consumption includes Hazelview-controlled spaces such as common areas and building exteriors, as well as resident spaces where sub-metering is present.

In 2025, total energy consumption increased by 1.1% and total energy intensity increased by 1.5% when compared to 2024. This slight increase is primarily due to higher heating fuel consumption, influenced in part by weather variability including an earlier onset of cold temperatures in certain regions relative to 2024.1 Hazelview continues to focus on energy consumption at our properties through our ongoing energy efficiency efforts implemented across the portfolio, including:

Indicator

+ Installation of high-efficiency equipment and appliances

Heating fuel consumption (ekWh)4

+ HVAC automation system upgrades/replacements, and

Total energy consumption (ekWh)

+ Enhancements to wall and roof insulation

Electricity consumption3 (ekWh) Electricity intensity (ekWh/sf)5

Heating fuel intensity (ekWh)5

Total energy intensity (ekWh/sf)5

According to Environment and Climate Change Canada (ECCC) data, key portfolio markets in Ontario (including Ottawa, Toronto, and Windsor), experienced colder average temperatures and a higher number of heating degree days in 2025 relative to 2024

20242

% Change

136,000,869

138,117,969

-1.5%

5.87

6.22

-5.7%

306,003,945

299,022,007

2.3%

13.03

12.22

6.7%

442,004,814

437,139,976

1.1%

18.77

18.55

1.2%

The data represents absolute values based on the number of assets held in the portfolio at the end of each respective reporting year, for which we have utility data coverage Electricity consumption data is based on actual consumption amounts obtained from utility provider reports. Despite our best efforts, there are instances where we are unable to obtain complete consumption data from utility providers. Coverage as a percentage of floor area was 89% in 2024 and 96% in 2025 4 Heating fuel consumption data is based on actual consumption amounts obtained from utility provider reports. Despite our best efforts, there are instances where we are unable to obtain complete consumption data from utility providers. Coverage as a percentage of floor area was 100% in 2024 and 98% in 2025 5 Gross Floor Area (GFA) figures for select buildings were updated in 2025 for greater precision. To support accuracy and comparability, these updated GFAs have been retroactively applied to update intensity figures for 2024 2

3

1

20252

HAZELVIEW 2025 SUSTAINABILITY REPORT

Private Real Estate Investments

PAGE 36

GHG EMISSIONS

WATER

As an owner and manager of residential properties, our emissions profile is highly influenced by resident energy consumption at our buildings. In 2025, our total GHG emissions increased by 2.4%, driven by a slight increase in heating fuel consumption compared to 2024, as described in the Energy section above.

Hazelview is committed to implementing efficient practices to reduce water consumption across the portfolio. Our water conservation program includes:

Scope 2 emissions increased despite a reduction in electricity consumption during the year. This was primarily due to an increase in the Ontario grid emissions factor, reflecting a higher carbon intensity of electricity generation. In addition, expanded data coverage, particularly in regions with higher grid emissions factors, contributed to the increase.

Together, these factors reflect external grid dynamics and improved data completeness, rather than a decline in operational performance.

+ Installing water-efficient fixtures

+ Tracking water consumption + Implementing water conservation strategies

+ Researching and piloting new technologies that can further reduce consumption + Continuously tracking and monitoring water usage of the common areas at all our properties on at least a quarterly basis, conducting water audits and identifying opportunities for improvement

Our scope 3 emissions represent GHG emissions from resident-controlled spaces. To enhance scope 3 emissions data completeness and accuracy, we will continue to seek out opportunities for improvement, including additional investments in submetering (where it makes business sense to do so) and collaborating more with our residents and utility providers on data sharing.

In 2025, total water consumption decreased 4.3% from 2,955,369 m3 in 2024 to 2,828,974 in 2025. This can be attributed to various efficiency projects carried out by the Hazelview team, such as installation of highefficiency and dry fixtures, as well as drip and smart irrigation systems. This decrease is also due in part to data coverage for our portfolio year-over-year. We achieved 86% data coverage for 2025, a decrease from 87% data coverage in 2024.

Indicator

20251

20241

% Change

1

Scope 1 (tCO2e)2

57,589

56,382

2.1%

Scope 2 (tCO2e)3

7,883

7,659

2.9%

Scope 3 (tCO2e)4

6,764

6,474

4.5%

Total GHG emissions

72,235

70,515

2.4%

GHG emission intensity (kgCO2e/sf)

3.07

2.99

2.5%

The data represents absolute values based on the number of assets held in the portfolio at the end of each respective reporting year, for which we have utility data coverage 2 Heating fuel consumption data is based on actual consumption amounts obtained from utility provider reports. Despite our best efforts, there are instances where we are unable to obtain complete consumption data from utility providers. Coverage as a percentage of floor area was 100% in 2024 and 98% in 2025 3 Electricity consumption data is based on actual consumption amounts obtained from utility provider reports. Despite our best efforts, there are instances where we are unable to obtain complete consumption data from utility providers.

Coverage as a percentage of floor area was 89% in 2024 and 96% in 2025 4 Scope 3 emissions include energy consumption in resident-controlled areas 5 Gross Floor Area (GFA) figures for select buildings were updated in 2025 for greater precision. To support accuracy and comparability, these updated GFAs have been retroactively applied to update intensity figures for 2024

HAZELVIEW 2025 SUSTAINABILITY REPORT

Private Real Estate Investments

PAGE 37

WASTE

SUPPORTING REDUCED RESOURCE USE

Managing waste is a complicated issue and requires a collective effort, with residents and Hazelview team members. At Hazelview, we recognize the important role we play in engaging with our residents, haulage partners and local waste authorities as we seek out opportunities to conserve resources, minimize waste generation and promote proper sorting and diversion of waste through recycling and composting in our buildings.

We obtain waste data from private and municipal waste haulers or estimate output and diversion using information obtained through our waste audits. Waste data reported includes day-to-day operational and resident waste at our properties and excludes waste arising from non-typical or non-recurring sources, such as major renovation projects. In 2025, we completed waste audits at 32 properties, which helped

us to assess the effectiveness of our waste diversion programs and identify opportunities for improvement.

To gain a more complete picture of total portfolio waste, we used estimation techniques to project waste output at properties where we do not have access to actual data, giving us 96% coverage across all multifamily properties. While we believe it is important to gain an understanding of total operational waste, we acknowledge that estimation relies on certain assumptions, which can influence the results (e.g., if bins collected are assumed to be 100% full, this can skew estimates toward overstatement).

As a result, in 2025, our total estimated operational waste generated was 12,504 tonnes compared to 12,242 tonnes in 2024.

We achieved an estimated diversion rate of 35% in 2025, compared to 39% in 2024.

To support reduced resource use in 2025, we invested approximately $5.8 million in energy, GHG, and water efficiency projects and upgrades across our portfolio. This included:

+ 60 Additional buildings for endotherm use

+ 14 High efficiency boiler installations

+ 12 Pipe insulation projects

+ 5 Garage CO detection systems installed

+ 49 Water retrofits and renewals

+ 2 Water submetering projects

+ 2 High efficiency VFD booster pump installations

+ 1 Building-wide window & patio door replacement

+ 23 BAS system installations & upgrades

+ 6 LED lighting projects

Note: We updated our waste estimation methodology in 2025 to use the EPA’s multi-family residential waste estimate factor, rather than a non-asset class specific estimate factor. We have applied this methodology retroactively to our 2024 waste data.

IN 2025 We implemented several measures to increase our property-level resilience including:

PEOPLE-ROOF

RIGHT-LEFT-LARGE

8 Roof replacements

3 New backflow preventors

HOUSE-DAY

TANK-WATER

BOLT

18 Building envelope restorations & enhancements

1 Watermain replacement

1 Emergency back-up generator upgrade

HAZELVIEW 2025 SUSTAINABILITY REPORT

Private Real Estate Investments

ESG DUE DILIGENCE To ensure we assess ESG risks and opportunities systematically during our investment process, we use an ESG due diligence checklist. Each year, Hazelview reviews and considers potential enhancements to the ESG due diligence checklist to improve our overall due diligence standards.

+ Sustainability audits and assessments

The ESG due diligence checklist includes:

+ Green financing or rebate initiatives

+ Physical climate risk and natural hazard events + Building energy ratings and certifications + Sustainability retrofits and efficiency measures + Sustainability data and key performance indicators

+ Social considerations (e.g., tenant satisfaction reports, designated affordable units, non-profit partnerships)

+ Governance considerations + Tenants/building use details + Sponsor/borrower details (GRESB score, ESG report, sustainability objectives)

PAGE 38

PARTNERING WITH SOLUTIONS-DRIVEN INNOVATION HAZELVIEW VENTURES Hazelview has a Venture Capital program focused on investing in early-stage companies within the property-tech, building-tech, and clean-tech sectors. Beyond simply providing funding, we also pilot solutions that can enhance our real estate operations and tenant experiences through emerging technologies that improve energy efficiency, reduce operating costs, and strengthen the resilience of our properties.

Since Hazelview Ventures was founded in 2021, we have invested in and partnered with 6 portfolio companies, which are described in greater detail throughout this report.

HAZELVIEW 2025 SUSTAINABILITY REPORT

Private Real Estate Investments

PAGE 39

HAZELVIEW VENTURES: DATA DRIVEN DECISIONS THAT IMPROVE BUILDING PERFORMANCE Building envelope performance is directly related to energy efficiency, resident comfort, and overall lifespan of the building. Founded in 2023, Lamarr.AI delivers autonomous, rapid diagnostics of building envelopes by leveraging drone technology, AI analysis, and cloud computing. The company is the result of six years of Department of Energy-funded research conducted at MIT, Georgia Tech, and Syracuse University.

Their platform improves energy efficiency and reduces costs in the building industry by streamlining envelope audits through cuttingedge technology. Thermal images captured by drones or handheld cameras can be seamlessly uploaded to their AI platform for automated

HAZELVIEW VENTURES: OPTIMIZING BUILDING PERFORMANCE WITH SMART ENERGY MANAGEMENT SOFTWARE analysis, generating detailed reports and interactive 3D models to help building owners, engineers, and auditors make faster, more informed decisions about building performance. Lamarr’s solution makes envelope audits:1

10X

faster

5X

cheaper

Figures are reported by Lamarr.Ai

1

50%

SensorSuite, a leading energy management proptech company, delivers building performance solutions for small and medium sized buildings. Through load and supply management systems, SensorSuite improves building performance and enables energy as an asset. SensorSuite has the potential to deliver 25% in utility savings in older buildings with no central systems.2 SensorSuite is currently being leveraged on more than 55 Hazelview buildings and we continue to monitor progress.

more accurate

SensorSuite utility saving applies to buildings with electrical heating systems

2

HAZELVIEW 2025 SUSTAINABILITY REPORT

Private Real Estate Investments

PAGE 40

RESIDENT & TENANT EXPERIENCE Our goal is to foster thriving communities.

Through this pillar, we focus on helping residents and tenants thrive, both at home and in their businesses.

We seek to achieve meaningful social outcomes as both a provider of housing and a landlord for commercial businesses. We continuously strive for high satisfaction ratings by regularly engaging with our tenants and using their feedback to make ongoing improvements. At Hazelview, engaging and supporting our residents and tenants is critical for driving value and reinvesting in initiatives that benefit our stakeholders.

RAINBOW REGISTERED ACCREDITATION In 2025, Hazelview opened Canada’s first Rainbow Registered residential rental building with the launch of Story of Midtown Toronto®. Rainbow Registered is an accreditation program administered by the Canada’s Queer Chamber of Commerce (CQCC), providing time‑limited recognition to organizations that demonstrate compliance with rigorous inclusion and service-quality standards.

In addition to this milestone, Hazelview achieved Rainbow Registered accreditation for eight buildings across our portfolio. This recognition reflects the strength of our inclusive practices, which include: + Comprehensive allyship and inclusion training for all property management teams, focused on real‑world 2SLGBTQI+ scenarios and unconscious bias awareness + Clear, annually reviewed policies that outline expectations for supporting individuals from diverse backgrounds. These policies are reviewed and acknowledged by Hazelview team members each year, reinforcing a culture of accountability, care, and respect + Year‑round initiatives and resident communications that highlight community causes and foster an environment grounded in respect, belonging, and inclusion Achieving Rainbow Registered accreditation for rental housing demonstrates Hazelview’s commitment to creating inclusive, welcoming living environments that nurture diversity, equity, and inclusion for all residents.

HAZELVIEW 2025 SUSTAINABILITY REPORT

Private Real Estate Investments

GREEN LEASES We continued to roll out green leases at a select number of our residential properties in 2025 to engage our residents in our vision for continuous improvement in environmental performance and social change.

Our Green Lease Acknowledgement outlines Hazelview’s vision for sustainability and includes a series of pledges focused on energy use, water conservation, waste reduction, indoor air quality, and other sustainable living practices. By signing this document, residents recognize these pledges and affirm their commitment to supporting our shared sustainability goals.

20%

of our total Canadian multi-family portfolio square footage has signed the Green Lease Acknowledgement1

1

Inclusive of all Green Lease Acknowledgments from August 2024 to December 31, 2025

VOICE OF RESIDENT PROGRAM Our Voice of Resident (VOR) program is a fully automated digital platform launched in 2021 to collect ongoing feedback from prospects and residents about their experiences at our buildings.

The program covers the full customer experience from prospect and move-in through to maintenance requests, day-to-day living, and moveout. Based on the feedback, we develop action plans to address opportunities, with the goal of continuously improving performance on resident experience.

PAGE 41

2025 RESIDENT SURVEY RESULTS

137,889

surveys deployed to prospects and tenants

77%

10,000+ responses

of prospects and residents who interacted with the Hazelview brand were satisfied or very satisfied with their experience

RESIDENT BILL OF RIGHTS With over 25 years of property management experience, we’ve developed clear processes and policies that outline our commitment to respectful interactions with residents. We published the Hazelview Properties Resident Bill of Rights, which defines our commitment to fair, respectful, and dignified treatment of residents.

GOOGLE BUSINESS PROFILE As part of our commitment to creating communities that residents are proud to call home, Hazelview has maintained an average Google Business Profile rating of 4.3 stars across more than 200 properties—supported by nearly 10,000 positive reviews. This reflects the tangible impact of our resident-first approach and overall responsive property management practices; both of which are dedicated to deliver high-quality resident experiences across our portfolio. By embedding care, accountability, and continuous improvement into every touchpoint, we are fostering deeper trust with the people who live in our communities.

HAZELVIEW 2025 SUSTAINABILITY REPORT

Private Real Estate Investments

PAGE 42

RELATIONSHIPS Partnering for sustainability and health & well-being impact.

At Hazelview, we recognize that our procurement choices impact our residents, communities, and the environment. To integrate sustainability and health & wellness into our procurement decisions, we provide third-party designers with efficient pre-selected materials to build specification offerings which includes working with pre-established vendor partnerships. Our program lays out which pre-selected products can be featured in our properties, which incorporates products that are cost-effective, sustainably produced/manufactured, and supportive of safe human health and wellness.

We continue to mandate low VOC paints, ENERGY STAR appliances/fixtures, low-flow water fixtures, and low VOC flooring/adhesives which further features the use of recycled materials in manufacturing processes, etc.

In 2024, we finalized updates to our Vendor Code of Conduct (VCOC), and throughout 2025 focused on engaging our vendors to communicate these changes.

1

Includes vendors that receive more than one purchase order per month

As part of this process, a total of:

96%

of our regularly used vendors1 formally acknowledged the updated VCOC and affirmed their alignment with our sustainability commitments.

This will support alignment between our vendors and our sustainability policies, reinforce adherence to specific materiality/procurement requirements, and formalize our sustainability commitments with our vendors.

We continue to push sustainable procurement within our specified material selection using third party designs and pre-existing trade/ supplier partnerships (Olympia Tile, Sherwin Williams, Tarkett, The Brick, etc.). We also purchase cleaning supplies that align with environmentally friendly BOMA Best Standards in buildings that are BOMA Best certified and look to continue this implementation across the full multi-residential portfolio to align with our Sustainable Procurement Policy in 2026.

HAZELVIEW 2025 SUSTAINABILITY REPORT

Private Real Estate Investments

PAGE 43

DEVELOPMENT MANAGEMENT We strive for sustainable development that fosters happy, healthy, and thriving communities.

As a leading residential real estate developer and redeveloper, we examine opportunities to incorporate energy efficiency, sustainable materials, and leading technologies into the design and construction of our properties.

To guide our approach to embedding sustainability into developments, we employ systematic sustainable development practices that are based on leading green building standards, certifications, and benchmarks. For example, we: + Benchmark our design development standards to LEED Gold certification + Pursue Toronto Green Standard Tier II where feasible, for our Toronto properties Our sustainable development practices and processes are formalized in an ESG Guideline and Checklist to support consistent assessment and the integration of sustainability considerations in every development

we undertake. Since the sustainability landscape is rapidly evolving, we are committed to continuously educating our team on new and emerging sustainability technologies, processes, and incentives.

Our Sustainable Development Policy codifies our practices and commitments to align with industry best practices and maintain consistent approach with our investors and development partners.

IN 2025: Hazelview partnered with Tangible Materials, a climate-technology and construction-data company that provides digital tools to support decarbonization in the construction industry by measuring, reducing and reporting embodied carbon. We are now actively engaged with Tangible Materials across all development projects during the design development phase to assess the carbon impact of building materials and provide actionable recommendations to reduce global emissions.

HAZELVIEW 2025 SUSTAINABILITY REPORT

Private Real Estate Investments

PAGE 44

CASE STUDY: LEVERAGING DATA-DRIVEN TOOLS TO REDUCE EMBODIED CARBON IN CONSTRUCTION During the design development phase, Hazelview integrated Tangible Material’s software, an AI‑powered embodied‑carbon analysis platform, for our Station House community development project.

The goal was to generate detailed carbon emissions reports early in the process, enabling project teams to better understand the environmental impacts of various construction materials.

As the Station House project advanced into the construction phase, this early work became critical. The insights generated through Tangible Materials provided a strong foundation to support design‑stage decisions—particularly around material selection—translated into measurable carbon reductions onsite. By quantifying the embodied carbon of key materials, project teams had the data necessary to prioritize low‑carbon alternatives and avoid unintentional emissions increases during value‑engineering or procurement.

Integrating Tangible Materials at the outset also strengthened alignment with broader sustainability targets. The platform’s real‑time data capabilities allowed the teams to: + Evaluate and compare embodied‑carbon impacts across multiple design scenarios + Optimize the specification of low‑carbon materials before designs were finalized + Reduce overall project emissions by making evidence‑based decisions early + Enhance transparency and accountability through traceable carbon reporting By embedding a proactive, data‑driven approach Hazelview is advancing industry best practice in low‑carbon design and construction for these developments. This work demonstrates how early integration of carbon analytics supports measurable emissions reductions and drives more sustainable development outcomes.

HAZELVIEW 2025 SUSTAINABILITY REPORT

PAGE 45

HAZELVIEW VENTURES: ACCELERATING SUSTAINABLE BUILDING DESIGN THROUGH TECHNOLOGY At Hazelview, we understand the buildings we develop will last for decades to come, so it is important they are designed with long-term sustainability in mind.

Augmenta1 is a software company that is using generative AI to transform the way buildings are designed and engineered. The Augmenta Construction Platform (ACP) expedites the time it takes to detail and estimate designs and enhances precision throughout the design phase to mitigate costly redesign and rework. Through its Electrical System Design (ESD) module, ACP generates fully constructible, code-compliant designs of electrical raceway routing for electrical engineers and contractors, which contributes to resource efficiency in the construction process.

Hazelview Ventures partnered with Augmenta in 2022.

1

Augmenta – Automated building design

HAZELVIEW 2025 SUSTAINABILITY REPORT

PAGE 46

HAZELVIEW VENTURES: INVESTING IN AI MODELS TO AUTOMATE CONSTRUCTION PROCESSES Xaba1 was founded in 2023 and develops new processes and control systems that make automation accessible and affordable.

“Our team is really excited to work with Xaba on our development projects, we have begun these conversations with our development team and have identified multiple use cases that could have material impacts on our sustainability metrics, costs, supply chain management, and more.”

Their IP uses industrial AI to turn any industrial robot into a “generative robot” by making it intelligent and autonomous in both generating its own programs and executing tasks such as welding, drilling, assembling, and additive manufacturing. xCognition is Xaba’s AI-powered software solution. This industrial robotics digital twin captures and models the true physics of any industrial robotics system (elastic, dynamic, mechanical, tooling).

Hazelview Ventures foresees leveraging Xaba’s technology to create future efficiencies and environmental benefits in the construction processes. This partnership aligns with Hazelview Investment goals to engage and invest in efficient, and sustainable development practices.

Roger Poirier Hazelview Ventures Co-Founder 1

Xaba

HAZELVIEW 2025 SUSTAINABILITY REPORT

Private Real Estate Investments

THE VERTICAL VILLAGE FRAMEWORK The Vertical Village Framework1 aims to combine a variety of modern amenities in one vertical village. The development is envisioned to draw on the community, cultural, wellness, and live and work opportunities in the surrounding neighbourhood to create an amenity-rich residential building that will offer returning and new residents an active and healthy lifestyle.

The Vertical Village Framework was applied to planning The Maitlands project, a multi-family development in Toronto. The Maitlands aims to draw inspiration from the horizontal distribution of amenities along local main streets (like Church St.) and reimagines them in a vertical format— combining wellness, community, housing, and connectivity resources within beautifully restored heritage facades, topped with new green space. By providing a wealth of amenities, the Maitlands fosters a tight knit, healthy community of residents.

Vertical Village Framework was developed by the Hazelview Development team using software provided

by Turner Fleischer Architects

1

PAGE 47

HAZELVIEW 2025 SUSTAINABILITY REPORT

Private Real Estate Investments

PAGE 48

COMMUNITY WELLBEING FRAMEWORK Hazelview uses the Community Wellbeing Framework2 as a guideline for designing master plan communities to encompass the essential domains related to the social, economic, environmental, cultural, and political conditions needed for communities to reach their potential.

Hazelview takes a proactive approach to engage with community stakeholders earlier and more frequently than mandated by municipal guidelines, fostering transparency and building stronger community relationships throughout the development process. Hazelview’s investment in communities has resulted in direct financial benefits and indirect operational benefits. As part of our commitment to community wellbeing, we strive to exceed regulatory requirements for community engagement in the areas where we operate. By fostering meaningful and transparent communication, we have built trust with impacted community members, which has helped mitigate potential resistance to changes in local infrastructure.

2

Community Wellbeing Framework by Dialog Design

HAZELVIEW 2025 SUSTAINABILITY REPORT

Private Real Estate Investments

INTEGRATING SUSTAINABILITY THROUGHOUT THE DEVELOPMENT PROCESS We continued to progress on our development process and governance framework to encourage accountability and transparency.

We established a senior committee that votes to approve all contracts over a specified value. The committee oversees the consistent consideration of sustainable development practices across the development workflow process, wherever feasible. In 2025, the Senior Committee met on a weekly basis to review major contracts across the development lifecycle further strengthening risk management and enhancing organization-wide visibility into key project decisions.

PAGE 49

1. FINANCING + Sustainable financing is part of our development lifecycle and our development team researches and implements sustainable financing solutions and products as part of the process. This helps to incentivize continued evolution of ESG initiatives/ solutions within our developments

2. SITE SELECTION + Assess proximity to environmentally sensitive areas, historical sites, local ecosystems, and floodplains + Prioritize developing on previously occupied land vs. greenfield + Identify climate-related risks including servicing and stormwater + Assess proximity to active transportation + Prioritize sites that use existing urban infrastructure

3. SUSTAINABLE DESIGN + Strive to meet green design standards + Incorporate green infrastructure (green roofs, rainwater harvesting) + Protect biodiversity including tree retention and protection + Design floorplates that are adaptable to multiple functions + Integrate biophilic elements + Integrate water sensors and flood resistance features + Include renewable energy systems, EV chargers + Install submetering for electricity and water + Integrate leading energy and water efficient technologies and waste management infrastructure + Incorporate pedestrianfriendly design and infrastructure for car and bike sharing + Explore partnerships with technology companies for smart city solutions

4. PROCUREMENT + CONSTRUCTION

5. HANDOVER

+ Examine sustainable material options (e.g., roof, cladding, windows)

+ Conduct full building commissioning and testing related to building automation systems, façade and wind screens, water and air tightness, access controls, and water meters

+ Investigate options for waste management and diversion systems

6. COMMUNITY ENGAGEMENT

+ Assess carbon impact of building materials

+ Incorporate health and wellness features for building and community into design + Investigate potential for third party certification (e.g., LEED, WELL, WIRED) + Formalize and benchmark against greenhouse gas emissions and climate resilience targets

+ Provide a direct line of communication for local communities to gather input and address concerns + Foster community through the inclusion of public spaces, parks, and cultural amenities + Explore partnerships with local community organizations

+ A contract committee has been established to formalize oversight and support consistency in contracting process across projects + The contract committee reviews large contracts across development lifecycle. All committee members attend meetings and ask questions + The purpose of the committee is to reduce risks, align on priorities and bolster education and awareness across the company

7. MONITORING + REPORTING + Measure and report on the environmental, social, and economic impact of developments using KPIs + Regularly communicate sustainable development performance to stakeholders

UPDATED DESIGN STANDARDS PLAYBOOK

🖹

USERS

Hazelview’s Design Standards Playbook was updated and consistently applied across all our developments in 2025.

The Playbook is implemented from design development through pre-construction and remains a guiding reference throughout construction

The Playbook is shared with all project consultants to promote alignment, consistency, and adherence to Hazelview’s standards across every project

HAZELVIEW 2024 SUSTAINABILITY REPORT

Private Real Estate Investments

PAGE 50

CASE STUDY: STATION HOUSE – CREATING CONNECTED COMMUNITIES Reinforcing community identity through people-centred design.

The Bloor & Dufferin community development continues to progress as a leading example of integrated, community‑focused urban intensification. In 2025, the project was formally introduced as Station House, a new branding identity that reflects its strong connection to transit‑oriented living and its role within the surrounding neighbourhood. More than a marketing initiative, Station House is designed to strengthen community identity by fostering a sense of place, belonging, and connectivity for current and future residents. Through ongoing engagement with local stakeholders, the project team has emphasized transparency and inclusion, informing an evolving design that responds meaningfully to community needs and neighbourhood character.

Collaborative Governance in Action A key governance enhancement within the project has been the establishment of a dedicated contract committee to oversee procurement and construction activities. This committee meets regularly throughout the development lifecycle, providing a structured forum for reviewing major contracts, assessing risks, and supporting alignment with sustainability objectives. By formalizing this oversight process, the project has strengthened consistency, accountability, and due diligence.

The committee also serves as a platform for improved collaboration and knowledge sharing across teams, reinforcing a culture of continuous improvement from design through construction.

Integrating Wellness into Urban Living The project has also expanded its commitment to resident well‑being, integrating new health‑ and wellness‑focused amenities. Among the most notable additions is a rooftop pool that transforms the building’s upper level into an active, restorative outdoor environment. Complemented by a rooftop “Nordic Spa,” these amenities support physical activity, mental well‑being, social interaction, and relaxation—providing meaningful wellness benefits within a dense urban setting.

Together, these advancements illustrate a holistic approach to sustainable and community-focused development at Station House—one that integrates community identity, strong governance practices, and elevated living environments. Through thoughtful engagement, responsible decision‑making, and a focus on long‑term well‑being, the Bloor & Dufferin community development continues to set a benchmark for resilient, people‑centred urban design.

HAZELVIEW 2025 SUSTAINABILITY REPORT

Private Real Estate Investments

PAGE 51

CASE STUDY: STORY OF WILLETT WEST – A HOLISTIC MODEL FOR SUSTAINABLE, EFFICIENT, AND INCLUSIVE URBAN LIVING Advancing sustainable urban density through efficient systems and inclusive design.

Transforming underutilized land into a sustainable community The development at 210–214 Willett Street in Halifax, Nova Scotia, represents a forward‑looking approach to sustainable urban intensification within the established Clayton Park West community.

Situated at the intersection of Willett Street and Dunbrack Street, the project transforms an underutilized residential site into a high‑density, purpose‑built rental community. By concentrating new housing within the existing urban boundary, the development makes efficient use of municipal infrastructure, supports transit use, and reduces pressure for outward urban expansion—all of which align with Halifax’s broader sustainability and growth objectives.

Integrating High-Efficiency Systems A key feature of the project’s sustainability strategy is the integration of a Variable Refrigerant Flow (VRF) mechanical system. This high‑efficiency technology enables precise temperature control and allows for simultaneous heating and cooling across different zones, significantly improving energy performance compared to conventional HVAC systems. The VRF system’s built‑in heat recovery capabilities further reduce energy consumption

by redistributing thermal energy throughout the building. These design decisions contribute to lower greenhouse gas emissions, can support occupant comfort, and long‑term operational efficiency. Additionally, the reduced need for extensive ductwork enhances material efficiency and offers greater flexibility for interior layouts.

Advancing universal accessibility in multi-residential living The development also reflects a strong commitment to accessibility and inclusive design, achieved through alignment with Rick Hansen Foundation accessibility principles. The project incorporates barrier‑free entrances, elevator access to all levels, thoughtfully planned circulation routes, and adaptable residential units that support mobility needs and aging in place. Common areas and wayfinding elements are designed to enhance usability and safety for people with diverse physical and cognitive abilities. By embedding accessibility from the outset, the project strengthens community resilience and promotes equitable access for all residents.

Overall, the Willett West development demonstrates a holistic approach to sustainability—one that integrates efficient site intensification,

high‑performance building systems, and inclusive design principles. Its commitment to energy efficiency through VRF technology and its emphasis on universal accessibility position the project as an example for future residential growth in Halifax.

Together, these strategies support the city’s vision for sustainable, inclusive, and livable urban communities while delivering meaningful benefits to current and future residents.

HAZELVIEW 2025 SUSTAINABILITY REPORT

PAGE 52

PUBLIC REAL ESTATE The ESG integration approach, responsible investment practices, and sustainability-related activities described in this section apply to Hazelview’s public real estate separately managed accounts and private funds. They do not constitute ESG or sustainability disclosure with respect to Hazelview Global Real Estate Fund or Hazelview Alternative Real Estate Fund (the “Funds”); for disclosure applicable to the Funds, please refer to the relevant prospectuses.* The following applies to the public securities components of our separately managed accounts and private funds. For sustainability or ESG related disclosure on our public funds, including Hazelview Global Real Estate Fund and Hazelview Alternative Real Estate Fund (the “Funds”), please review the prospectuses. Hazelview Securities Inc., the manager of the Funds, is currently registered with the Ontario Securities Commission as a portfolio manager, investment fund manager, and exempt market dealer. Hazelview Securities Inc. is also registered with the U.S. Securities and Exchange Commission as an adviser. Hazelview Securities Inc. is wholly owned subsidiary of Hazelview Investments Inc.

*

We incorporate ESG factors and best practices into what we do.

Public Real Estate

PAGE 53

In 2021, Hazelview Investments became a signatory to the UN-supported Principles for Responsible Investment. In 2024 we completed our inaugural PRI submission, followed by our second submission in 2025 which evaluates Hazelview’s responsible investment practices and processes for listed equity and real estate modules. We intend to continue pursuing an annual submission to PRI. Becoming a signatory and committing to regular PRI reporting demonstrates Hazelview’s commitment to transparent communication and active management of our responsible investing practices.

En g ing ag

Our responsible investment approach enables a continuous process of driving ESG integration, fostering dialogue, gaining insights and delivering positive financial outcomes throughout the real estate investment cycle.

HAZELVIEW INVESTMENT’S INAUGURAL PRI SUBMISSION

ti

c

ESG integration and engagement with companies are fundamental to our responsible investment approach. By integrating ESG issues into our investment research and analysis and creating an open dialogue with management teams of companies we invest in, we are more likely to reduce risk and create sustainable shareholder value over the long term.

We consider ESG factors at each stage of the investment process and take a principled and bottom-up approach that is based on Hazelview’s Responsible Investment Policy and internationally recognized standards. This policy was reviewed and updated in 2025 to remain aligned with emerging best practices and evolving ESG expectations. Our responsible investment approach involves incorporating ESG considerations into our proprietary risk model, integrating ESG into our investment decisions, engaging with the companies we invest in and finally, reporting our ESG performance to our investors.

ing ct

le Ref

Hazelview is a global investment manager focused on investing in the global listed real estate market.

We invest in a variety of real estate asset classes, including multi-family, industrial, retail, office and healthcare. Our objective is to deliver superior risk-adjusted returns to our clients over the full market cycle. Based on our experience, we believe that ESG factors are critical in the evaluation of an investment’s ability to generate attractive risk adjusted future returns. To deliver on our objective, we are committed to integrating ESG and engaging with the companies we invest in throughout our investment process to ensure we are investing responsibly on behalf of our clients.

Co lle

Our approach to responsible investment is rooted in our investment process.

ng

RESPONSIBLE INVESTMENT

OUR CONTINUOUS RESPONSIBLE INVESTMENT CYCLE

ng

ti

HAZELVIEW 2025 SUSTAINABILITY REPORT

R

o ep

r

Collecting ESG data and integrating into our investment decisions

Engaging with companies we invest in on their ESG implementation plans and efficiencies

Reflecting on the best way to deliver the highest risk-adjusted returns on ESG efforts

Reporting to our clients and discussing our insights from different countries and real estate sectors

HAZELVIEW 2025 SUSTAINABILITY REPORT

Public Real Estate

PAGE 54

Climate Hazards

Hazelview conducted a climate scenario analysis for the public real estate business – focusing on climate-related transition risks and opportunities. This exercise explored how key transition‑related topics identified through the 2025 financial materiality assessment, may evolve under different future climate pathways, and how they could impact investments over time.

Physical

CLIMATE SCENARIO ANALYSIS

Approach The analysis considered two IPCC-aligned climate scenarios:

+ A Paris‑Aligned, low‑emissions scenario

The analysis highlighted policy and legal transition factors and resource efficiency as priority areas.

Transition

Results

Risk

Opportunity

Extreme Cold

⚪

⚪

Extreme Wind

⚪

⚪

Extreme Heat

⚪

⚪

Flooding

⚪

⚪

Sea-level Rise

⚪

⚪

Physical Resilience1

⚪

⚪

Drought

⚪

⚪

Wildfire

⚪

⚪

Risk

Opportunity

Policy & Legal2

⚪

Technology

3

Market

Monitoring: potential to have financial impact Informative: unlikely to have financial impact

Low Emissions Scenario

High Emissions Scenario

⚪

Increases

Increases

⚪

⚪

Increases

Increases

⚪

⚪

Increases

Increases

The opportunity to increase asset value and minimize risk to tenant safety by investing in buildings’ physical climate resilience and obtaining relevant information from investee companies Includes access to capital (policy-driven incentives, tax credits, compliance alignment) 3 Includes resource efficiency, energy source, sustainable building materials

1

2

Looking Forward By integrating transition-related scenario insights into our investment process, Hazelview aims to strengthen its ability to identify risks, capture opportunities and support long-term value creation in public real estate markets.

Material: likely to have financial impact

Impact

Climate Matter

+ A Business‑as‑Usual, high‑emissions scenario The approach was informed by scenario narratives, third‑party assumptions, and input from Hazelview’s investment and leadership teams, supporting a forward‑looking view on potential impacts.

Climate Result

The insights from this analysis will be used to support:

+ Investment screening

+ Capital allocation

+ Valuation and risk pricing

+ Engagement and stewardship

HAZELVIEW 2025 SUSTAINABILITY REPORT

Public Real Estate

INCORPORATING ESG FACTORS INTO OUR PROPRIETARY RISK MODEL ESG risks and opportunities are multi-faceted and complex and must be considered in the investment analysis. Our approach ensures we are reflecting not only the financial metrics but also the material ESG risks and opportunities in the valuation of a company’s cash flow potential.

We use a proprietary ESG risk model to collect and analyze key ESG information and evaluate investment opportunities. On a continuous basis, we collect ESG information from a company’s disclosures and third-party ESG rating reports.

However, because third-party ESG ratings can be infrequent, imperfect, and retrospective, and

The long-term nature of real estate investing can lead to specific ESG risks and opportunities in the real estate sector. Some examples of the ESG criteria included in our proprietary risk analysis are:

PAGE 55

a company’s disclosures can be limited, this can result in missed opportunities. This is why we also take a forward-looking view on company ESG practices by complementing disclosures and third-party ratings with direct engagement with the company’s management team and integrating our findings into our proprietary risk analysis.

Engaging directly with management teams helps to understand a company’s forward looking sustainability programs and priorities and recognizes that sustainability is integral to the long-term success of their business.

This bottom-up approach has helped us identify opportunities to invest in progressive companies, especially when their ESG efforts have not yet been realized or reflected in public scores.

ENVIRONMENTAL + Efficient use of energy and raw materials + Implementation of new efficient technology + Comprehensive climate change strategies + Green bond financing + Sustainable building certifications

This risk analysis produces a risk rating that is applied to the valuation of each investment in our investment universe to determine an expected risk-adjusted return that is used to inform our investment decisions. We continue to refine our proprietary risk model to collect more ESG data, enhance our analysis, and evaluate how they can impact potential returns. For example, in 2023, our risk model was enhanced to include regulatory requirements such as the EU Taxonomy, Sustainable Finance Disclosure Regulation (SFDR) and decarbonization pathways such as Carbon Risk Real Estate Monitor (CRREM). Over time, we expect to rely less on external data providers and more on our proprietary ESG risk ratings and we also expect the key ESG inputs into our risk model to improve as companies’ ESG disclosures mature.

SOCIAL

GOVERNANCE

+ High standards in occupational safety and health protection

+ Transparent measures to prevent corruption and bribery

+ Equal opportunities and diversity

+ Anchoring sustainability management at board and supervisory board level

+ Fair conditions at the workplace, adequate remuneration and opportunities for training and further education + Implementation of sustainability standards amongst suppliers + Fair treatment of tenants and maintenance of buildings

+ Linking the remuneration of the board of directors with the achievement of sustainability goals + Board diversity and independence

HAZELVIEW 2025 SUSTAINABILITY REPORT

Public Real Estate

PAGE 56

INTEGRATING ESG INTO INVESTMENT DECISIONS Understanding the various influencing factors is critical to making an investment decision and good financial outcomes for our clients.

We evaluate potential investment opportunities within our investment universe by calculating an ESG risk score. The ESG risk score is based on a qualitative and quantitative assessment of climate-related transition risk and physical risks and social and governance risks and opportunities. The ESG risk score makes up 20% of the total score, meaning environment, social, and governance risks make up 20% of our applied cost of equity.

TRADITIONAL RISK SCORE 80%

Real Estate

Corporation

Balance Sheet

Stock Price

+ Quality of Assets

+ Quality of Management

+ Leverage

+ Liquidity

+ Interest Rate Sensitivity

+ Stock Price Volatility

+ Location + Lease Duration

+ Business Model

+ Fixed Charge Coverage Ratio

ESG RISK SCORE 20%

Climate-Related Risk Transition Risk:

Physical Risk:

+ Policy and Legal Risk

+ Acute Risk

+ Technology Risk

+ Chronic Risk

+ Market Risk + Reputational Risk

Social Risk

Governance Risk

HAZELVIEW 2025 SUSTAINABILITY REPORT

Public Real Estate

ENGAGING WITH INVESTEE COMPANIES Once we decide to invest, we use our influence to monitor company ESG practices and support companies to improve ESG performance and disclosures. Access to comparable and consistent ESG data continues to be a challenge globally, which is why our approach includes frequent and proactive engagement with companies in our investment universe. This provides us with unparalleled insight and feedback on potential challenges or future issues.

Our process includes continuous engagement with our entire universe of 400+ issuers.

For each investment, external ESG ratings are monitored on a continual basis by each Portfolio Manager and are part of the decision to hold or exit a position. Each Portfolio Manager has access to MSCI ESG data and produces a semi-annual report with the updated MSCI ESG ratings, Controversies and UN Global Compact Compliance.

Our ESG data collection process focuses on collecting data in alignment with global frameworks, including:

PAGE 57

Using those reports, Portfolio Managers will engage with certain management teams, with a focus on those that did not score well or have no external scores, to review their efforts, challenges, and progress. The objective of the engagement is to understand and improve ESG performance and encourage increased ESG transparency and disclosure.

As our proprietary risk analysis improves, so does our tracking of ESG metrics and understanding of what they mean. For example, our model has historically tracked greenhouse gases and the geographic location of assets. In 2023, we added another dimension to compare the assets to the CRREM decarbonization pathway to evaluate potential transition risks. We continue to include ESG metrics into our proprietary risk model so we can monitor the progress companies are showing over time.

If we uncover unethical, governance, environmental or social issues in our investments, we will first engage with the company to investigate the issue or behaviour. However, if the matter is not resolved to our liking, we don’t hesitate to use legal or public channels to highlight the misconduct.

+ The Paris Agreement

REPORTING TO OUR INVESTORS

+ EU Taxonomy for Sustainable Activities

We are committed to being transparent with our investors on our ESG approach and performance. In 2025, we provided select ESG reporting on a regular basis to investors. This could include MSCI ratings, controversies, and sustainable impact themes. If requested, we will provide detailed measures on the portfolio such as GHG emissions.

+ UN Sustainable Development Goals (SDGs) + UN Global Compact Principles

DATA COVERAGE As part of our ongoing commitment to responsible investment, Hazelview systematically collects and reports on the ESG performance of our investment portfolio. This process is embedded in our annual engagement with portfolio companies and assets, where we gather key environmental and social performance indicators.

This data enables us to assess the sustainability profile of our investments and provides critical context to support our investment teams in making informed, responsible decisions.

While the ESG database is currently used as a supplementary tool in our investment decisionmaking process, it enhances our ability to identify risks and opportunities related to sustainability performance.

HAZELVIEW 2025 SUSTAINABILITY REPORT

PAGE 58

APPENDIX TCFD and SASB disclosures relate to Hazelview’s Canadian multi-family portfolio for the year ended December 31, 2025.

HAZELVIEW 2025 SUSTAINABILITY REPORT

Appendix

PAGE 59

TASK FORCE ON CLIMATE-RELATED FINANCIAL DISCLOSURES (TCFD) Recommendation

Section

Describe the board’s oversight of climate-related risks and opportunities.

Not applicable as Hazelview is a private company.

TCFD Governance B

Describe management’s role in assessing and managing climaterelated risks and opportunities.

Sustainability Governance

TCFD Strategy A

Describe the climate-related risks and opportunities the organization has identified over the short, medium and long-term.

Materiality Assessment

TCFD Strategy B

Describe the impact of climate-related risks and opportunities on the organization’s businesses, strategy and financial planning.

Materiality Assessment, Climate Scenario Analysis for our Canadian Multi-family Portfolio and Climate Scenario Analysis - Public Real Estate

TCFD Strategy C

Describe the resilience of the organization’s strategy, taking into consideration different climate-related scenarios, include a 2°C or lower scenario.

Resilience

TCFD Risk Management A

Describe the organization's processes for identifying and assessing climate-related risks.

Resilience

TCFD Risk Management B

Describe the organization's processes for managing climaterelated risk.

Resilience

TCFD Risk Management C

Describe how processes for identifying, assessing, and managing climate-related risks are integrated into the organization's overall risk management.

Materiality Assessment, Climate Scenario Analysis for our Canadian Multi-family Portfolio and Climate Scenario Analysis - Public Real Estate

TCFD Metrics and Targets A

Disclose the metrics used by the organization to assess climaterelated risks and opportunities in line with its strategy and risk management process.

Not disclosed

TCFD Metrics and Targets B

Disclose scope 1, 2 and if appropriate, 3 GHG emissions and related risk.

Resource Efficiency

TCFD Metrics and Targets C

Describe the targets used by the organization to manage climaterelated risks and opportunities and performance against targets.

Not disclosed

TCFD Governance A

See the Sustainability Governance section for the individual responsible for oversight of climate-related risks and opportunities.

HAZELVIEW 2025 SUSTAINABILITY REPORT

Appendix

PAGE 60

SUSTAINABILITY ACCOUNTING STANDARDS BOARD (SASB)

1

SASB Reference

Metric

Section

SASB IF-RE-000.A

Number of assets

About Hazelview Investments & Hazelview Properties

SASB IF-RE-000.B

Leasable floor area (sf)

Residential Family Homes

SASB IF-RE-000.D

Average occupancy rate (%)

81,474

Residential Multi-family: High-Rise

12,548,732

Residential Multi-family: Low-Rise

1,057,895

Residential Multi-family: Mid-Rise

4,998,811

Residential Family Homes

62%

Residential Multi-family: High-Rise

93%

Residential Multi-family: Low-Rise

88%

Residential Multi-family: Mid-Rise

92%

SASB IF-RE-130.a.1

Energy consumption data coverage as a percentage of total floor area

Energy consumption data coverage in 2025 was 97%. See Resource Efficiency for 2024-2025 electricity and natural gas data coverage.

SASB IF-RE-130a.2

Energy consumption

Resource Efficiency

SASB IF-RE-130a.3

Like-for-like change in energy consumption

% change in like for like energy consumption (2025 vs 2024)

1

The following disclosures relate to Hazelview’s Canadian multifamily portfolio

Residential Family Homes

-1%

Residential Multi-family: High-Rise

5%

Residential Multi-family: Low-Rise

12%

Residential Multi-family: Mid-Rise

6%

HAZELVIEW 2025 SUSTAINABILITY REPORT

Appendix

PAGE 61

SASB Reference

Metric

Section

SASB IF-RE-130a.5

Description of energy management

Resource Efficiency

SASB IF-RE-140a.1

Water withdrawal data coverage

Resource Efficiency

SASB IF-RE-140a.2

Like for like change in water withdrawn

% change in like for like water consumption (2025 vs 2024) Residential Family Homes

-5%

Residential Multi-family: High-Rise

1%

Residential Multi-family: Low-Rise

4%

Residential Multi-family: Mid-Rise

0%

SASB IF-RE-140a.3

Change in water withdrawn

Resource Efficiency

SASB IF-RE-140a.4

Description of water management

Resource Efficiency

SASB IF-RE-450a.2

Description of climate change risk exposure analysis

Resilience

Hazelview Investments Toronto 1133 Yonge Street, 4th Floor Toronto, ON Canada M4T 2Y7 1.888.949.8439 info@hazelview.com

New York 535 Fifth Avenue, 4th Floor New York, NY United States 10017 1.888.949.8439 usinfo@hazelview.com

Hamburg Hohe Bleichen 8, 6th Floor 20354 Hamburg Germany 49.40.55.55.36-0 hamburginfo@hazelview.com

Hong Kong 19/F, KONNECT, 303 Jaffe Road Wan Chai, HK +852.2973.1221 hkinfo@hazelview.com

Hazelview Properties Head Office 1133 Yonge Street, 2nd Floor Toronto, ON M4T 2Y7 1-866-898-8868