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CONNECTING THE GLOBAL COMMERICAL REAL ESTATE MARKETPLACE TSX: AIF AUGUST 2019 Investor Presentation

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Page 1: CONNECTING THE GLOBAL COMMERICAL REAL ESTATE … · 8/20/2019  · An integrated platform that Full stack of integrated end-to-end CRE solutions: ... • Approx. US$6 billion invested

CONNECTING THE GLOBAL COMMERICAL REAL ESTATE MARKETPLACE TSX: AIF

AUGUST 2019

Investor Presentation

Page 2: CONNECTING THE GLOBAL COMMERICAL REAL ESTATE … · 8/20/2019  · An integrated platform that Full stack of integrated end-to-end CRE solutions: ... • Approx. US$6 billion invested

Certain information in this presentation may constitute “forward-looking information”

within the meaning of applicable securities legislation. All information contained in this

presentation, other than statements of current and historical fact, is forward-looking

information. Forward-looking information includes information that relates to, among other

things, objectives, strategies and intentions, and future financial and operating performance

and prospects. Generally, forward-looking information can be identified by use of words such

as “may”, “will”, “expect”, “believe”, “plan”, “would”, “could” and other similar terminology. All of

the forward-looking information in this press release is qualified by this cautionary

statement. Forward-looking information is not, and cannot be, a guarantee of future results or

events. Forward-looking information is based on, among other things, opinions, assumptions,

estimates and analyses that, while considered reasonable by Altus Group at the date the

forward-looking information is provided, inherently are subject to significant risks,

uncertainties, contingencies and other factors that may cause actual results, performance or

achievements, industry results or events to be materially different from those expressed or

implied by the forward-looking information. Please consult Altus Group’s most recent

regulatory filings on SEDAR for more information on the Company’s forward-looking

statements.

Certain information in this presentation may be considered as “financial outlook” within the

meaning of applicable securities legislation including revenue guidance and expected

Adjusted EBITDA margin and other targets and goals for Altus Analytics. The purpose of this

financial outlook is to provide readers with disclosure regarding Altus Group’s reasonable

expectations as to the anticipated results of its proposed business activities for the periods

indicated. Readers are cautioned that the financial outlook may not be appropriate for other

purposes.

Altus Group uses certain non-GAAP/non-IFRS measures as indicators of financial and

operational performance. Readers are cautioned that they are not defined performance

measures under IFRS and may differ from similar computations as reported by other similar

entities and, accordingly, may not be comparable to financial measures as reported by those

entities. We believe that these measures are useful supplemental measures that may assist

investors in assessing an investment in our shares and provide more insight into our

performance.

Altus Analytics recurring revenues represent revenues related to software & data

subscriptions, maintenance for perpetual licenses and appraisal management solutions, where

the contract value for software subscriptions recognized ratably over the contract term.

2

Forward Looking Statements & Non-GAAP Disclosures

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3

Investment Highlights

Industry Leadership Market share leader for core CRE practice areas; Altus Analytics solutions have market standard distinction Global Market Opportunity Long growth runway ahead for current offerings & new future vertical opportunities; well positioned to capitalize on increasing need for CRE tech adoption and expert advisory, with solid market fundamentals Sustainable Competitive Advantage Limited competition and wide moats; Altus Analytics has very strong barriers to entry due to industry standard products, scale and global customer adoption Financial Strength Strong balance sheet and cash generation with stable and recurring revenues from global blue chip client base, with long-standing and sustainable dividend policy in place Strong Track Record of Execution Steady revenue growth since IPO (17% CAGR, 2005-2018) & successful business transition into technology driven by financially-invested management team and workforce (approx. 5% employee ownership)

Note: CAGR calculation uses revenue previously reported under IAS 18 and IAS 11 effective for years 2016 and before, and under IFRS 15 for 2017 and 2018 (as restated in the 2018 Annual Report), as the

Company adopted IFRS 15 without restating completed contracts prior to January 1, 2017.

Page 4: CONNECTING THE GLOBAL COMMERICAL REAL ESTATE … · 8/20/2019  · An integrated platform that Full stack of integrated end-to-end CRE solutions: ... • Approx. US$6 billion invested

4

Connecting the Global CRE Marketplace

MAXIMIZE THE VALUE of CRE assets & investments through:

ARGUS Software & data

solutions for CRE investment

management

Independent technology-enabled

CRE professional services

Through our current offerings, large customer base, and leading solutions, we are:

Creating cloud-based solutions that provide complete portfolio transparency and insights across the business

Enabling clients to unlock the potential of underutilized data for better performance management

Providing technology-enabled expert services to drive client value

Combining data, software and expert services to help clients maximize the value of their CRE assets and investments

Altus Group Enables Clients to:

+2,500 employees worldwide 75 offices in major CRE markets ~7% employee ownership

Page 5: CONNECTING THE GLOBAL COMMERICAL REAL ESTATE … · 8/20/2019  · An integrated platform that Full stack of integrated end-to-end CRE solutions: ... • Approx. US$6 billion invested

5

Solutions for All Stages of the CRE Asset Life

ARGUS Software Appraisal Management

(Data Analytics Tools) Data Solutions

Global US, Europe, Asia Pacific Canada

• Software tools for CRE portfolio & investment management

• ARGUS Enterprise (flagship product)

• Valuation management advisory with proprietary data analytics tools for performance benchmarking & attribution analysis

• Canadian market data subscription products covering residential, office, industrial and investment markets

Property Tax Valuations Advisory Cost Advisory

Canada, US, UK Canada Canada / Asia Pacific

• Property tax management & administration services - tax assessment reviews, appeals & negotiations, expert witness services, etc.

• Valuations/appraisals, due diligence, market research, economic consulting, etc.

• Cost consulting and project management services - feasibility studies, budgeting, cost planning, risk management, loan monitoring, etc.

ALT

US

AN

ALY

TIC

S

CR

E C

ON

SU

LT

ING

SOFTWARE – DATA – SERVICES

Serving all CRE participants involved in the value chain of CRE assets

Single provider with end-to-end solutions

Data aggregation across key practice areas

Plan

Raise Capital

Build/ Buy

Operate Value

Report

Dispose

Integrated

CRE

Solutions

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6

A Global CRE Asset & Investment Management Platform

For asset & portfolio management

For fund forecasting

For fund valuation management

For CRE data management

For data insights & collaboration

For development projects

For CRE acquisitions

/

Full stack of integrated end-to-end CRE solutions: An integrated platform that provides complete visibility to enhance performance of CRE investments

• Single point of entry

• Integrated cloud-based applications

• Modular solutions for functional workflows & key business functions

• Seamless data transfer from centralized cloud platform

• 3rd party integrations More to come….

Appraisal Management

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7

Solid Market Fundamentals Support Demand

Increased

Transparency

Accelerated

Transactions Disruptive

Business

Models

Increased

Risk & Regulatory

Pressures Globalization

Tailwinds for CRE Technology Adoption

• CRE industry undergoing digital transformation

• Increasing adoption of technology & data in CRE industry

(but still lags other industries)

• Approx. US$6 billion invested in CRE tech since 2011,

about 70% in last couple of years1

Tailwinds for CRE Services

• Sustained trend for outsourcing by expertise

• Large clients want a single provider

• Low investment in back office

• IT expertise hard to find

Institutionalization of CRE

• Real estate funds AUM expected to double from US$600

billion globally at the end of 2017 to $1.2 trillion by the end

of 20202

• Institutional investment allocation into real estate as an

asset class on the rise (up 10% y/y in 2018, and up 150

bps since 2013)3

• Sustained globalization trend

Pressure Points Affecting CRE Modernization:

Sources: 1) CB Insights 2) Prequin 3) NREI, 2018 Institutional Real Estate Allocations Monitor report

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8

Diversified Revenue Composition

Canada, 41%

US, 36%

Europe, 17%

Asia Pacific, 6%

$126 $151 $169 $183

$134

$151 $159

$177

$90

$96

$102

$107

$67

$45

$49

$44

$0

$100

$200

$300

$400

$500

$600

2015 2016 2017 2018

Altus Analytics Property Tax Valuations & Cost Geomatics

Property Tax, 35%

Valuations & Cost,

21%

Geomatics, 8%

Altus Analytics,

36%

$416M $442M

$478M

$510M Revenue Split by Segment (2018) Revenue Split by Geography (2018)

3 Yr. Rev. CAGR (2015 -2018)

13% Altus Analytics

10% Property Tax

6%

Valuations & Cost

$M Cdn.

3-Yr adj. EBITDA Margin Avg. 26% Margin 24% Margin 12% Margin

~70% of

revenues

are

recurring

Note: CAGR calculation uses revenue previously reported under IAS 18 and IAS 11 effective for years 2016 and before, and under IFRS 15 for 2017 and 2018 (as restated in the 2018 Annual Report), as the

Company adopted IFRS 15 without restating completed contracts prior to January 1, 2017.

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9

Recent Financial Performance By Reported Segment

In thousands of Cdn. dollars Q2 2019 Q2 2018 % change H1 2019 H1 2018 % change

Altus Analytics

Revenues $ 50,163 $ 46,972 6.8% $ 96,944 $ 87,508 10.8%

Adjusted EBITDA $ 11,206 $ 12,870 (12.9%) $ 21,027 $ 21,100 (0.3%)

Adjusted EBITDA Margin 22.3% 27.4% 21.7% 24.1%

CRE Consulting

Property Tax $ 65,288 $ 50,059 30.4% $ 109,986 $ 98,678 11.5%

Valuation & Cost Advisory 27,778 27,003 2.9% 53,753 52,252 2.9%

Revenues $ 93,066 $ 77,062 20.8% $ 163,739 $ 150,930 8.5%

Property Tax $ 28,516 $ 15,418 85.0% $ 38,114 $ 28,491 33.8%

Valuation & Cost Advisory 3,485 3,710 (6.1%) 5,985 6,305 (5.1%)

Adjusted EBITDA $ 32,001 $ 19,128 67.3% $ 44,099 $ 34,796 26.7%

Property Tax Adjusted EBITDA Margin 43.6% 30.7% 34.6% 28.9%

Valuation & Cost Adjusted EBITDA Margin 12.6% 13.7% 11.2% 12.0%

CRE Consulting Adjusted EBITDA Margin 34.4% 24.8% 26.9% 23.1%

Geomatics

Revenues $ 10,523 $ 10,367 1.5% $ 21,173 $ 20,813 1.7%

Adjusted EBITDA $ 990 $ 859 15.3% $ 1,451 $ 909 59.6%

Adjusted EBITDA Margin2 9.4% 8.3% 6.9% 4.4%

Consolidated

Revenues $ 153,654 $ 134,218 14.5% $ 281,652 $ 258,908 8.8%

Adjusted EBITDA $ 30,970 $ 23,771 30.3% $ 44,854 $ 39,279 14.2%

Adjusted EBITDA Margin 20.2% 17.7% 15.9% 15.2%

Adjusted EPS $0.52 $0.40 30.0% $0.74 $0.63 17.5%

Page 10: CONNECTING THE GLOBAL COMMERICAL REAL ESTATE … · 8/20/2019  · An integrated platform that Full stack of integrated end-to-end CRE solutions: ... • Approx. US$6 billion invested

10

Altus Group - Strategic Growth Initiatives

“ARGUS Everywhere” 1 • Increased Wallet Share

• Global AE Deployment

• New Markets (Germany,

France, Asia)

• Enterprise Multi-Product

Transactions Focus

• Cloud deployment

Expand “Appraisal

Management” Data

Platform 2

• Same Customer Growth in US

• International Expansion

(Europe, Asia Pacific)

• New Client & New Client Type

Growth

Scale Property Tax 3 • Organic Initatives

• Acquisitions (US focused)

• Tax Analytics Platform

Tech-Enable Services 4 • Improved Data Utilization

• New Platforms

Prepare for Data

Opportunity 5 • Data Collection Infrastructure

Strategy Driving: Altus Analytics:

high recurring revenue growth

Property Tax: market share gains

Profitable growth across the business with

margin improvement

Page 11: CONNECTING THE GLOBAL COMMERICAL REAL ESTATE … · 8/20/2019  · An integrated platform that Full stack of integrated end-to-end CRE solutions: ... • Approx. US$6 billion invested

• Targeting to transition Altus Analytics to +90% recurring revenue model by 2021 by migrating customers to cloud subscriptions

• Starting in Q3 2019, all ARGUS Enterprise (AE) sales to net new customers are expected to be cloud subscriptions & over time migrating on-premise software customers to cloud subscriptions

• Significant customer value proposition to drive cloud adoption throughout 2019 & 2020, with a target to migrate majority of AE users to the cloud by 2023

• Strong recurring revenue base (~70%) sustains y/y Altus Analytics revenue growth during key transition years in 2019 & 2020

• Leveraging past development investments, revenue growth and controlled expenses supports margin expansion, targeting 30+% by 2023

• $197-$205M revenue guidance for 2019 (up 7%-12% y/y), at 17%-20% adjusted EBITDA margin during transition

• Setting 5-year goal to reach $400M in Altus Analytics revenues by 2023

11

Transitioning Altus Analytics to Cloud Subscriptions

ARGUS Cloud:

- Creates value for our

customers and the CRE

industry

- Enables higher economic

value & operating

efficiencies for Altus Group

- Increases long-term growth

potential with high-growth,

high-margin model with

predictable revenues

Page 12: CONNECTING THE GLOBAL COMMERICAL REAL ESTATE … · 8/20/2019  · An integrated platform that Full stack of integrated end-to-end CRE solutions: ... • Approx. US$6 billion invested

Strong Cash Generation

Steady & Profitable Growth

Strong Balance Sheet

Steady Shareholder Returns

$49.5 M in cash from operating activities in 2018

Increasing recurring revenues

at Altus Analytics

• Targeting +90% recurring

revenues by 2021

• Up 20% y/y in H2 2019 to

$74.5 M

9.5% 5-Yr Revenue CAGR

4.3% 5-Yr Adj. EBITDA CAGR (while investing)

CAGR from 2013-2018.

$51.6 M cash position

$150.0 M term debt

1.90x bank funded debt to EBITDA ratio

As at June 30, 2019

12

Financial Strength

5-Year 15.7% TSR average (vs. 1.3% TSX Composite), until 2018

$23.5 M paid in dividends in 2018 (including DRIP)

• $0.15 per share quarterly dividend (~2.3% yield)

Note: CAGR calculation uses revenue previously reported under IAS 18 and IAS 11 effective for years 2016 and before, and under IFRS 15 for 2017 and 2018 (as restated in the 2018 Annual Report), as the

Company adopted IFRS 15 without restating completed contracts prior to January 1, 2017.

Page 13: CONNECTING THE GLOBAL COMMERICAL REAL ESTATE … · 8/20/2019  · An integrated platform that Full stack of integrated end-to-end CRE solutions: ... • Approx. US$6 billion invested

CONNECTING THE GLOBAL REAL ESTATE MARKETPLACE TSX: AIF

Appendix.

SELECT BUSINESS PROFILES

Page 14: CONNECTING THE GLOBAL COMMERICAL REAL ESTATE … · 8/20/2019  · An integrated platform that Full stack of integrated end-to-end CRE solutions: ... • Approx. US$6 billion invested

Powers AE 12, new apps. &

integrates all ARGUS

offerings

For Asset Management

Valuation industry standard For Fund Forecasting For CRE Data For CRE Acquisitions For Development Projects

Store

Access

Integrate

AE Model Benchmarking

Asset & portfolio

performance

Value

Budget

Transact

Operate

Fund performance

Model & optimize

investments

Improve performance

CRE data management

Reporting

Acquisitions pipeline

Track deals

Assess risk

Plan Projects

Raise Capital

Manage Developments

14

ARGUS Software

Key Client Value

• Global software solution that standardizes CRE asset and investment management –

enables clients to maximize value of CRE assets

• ARGUS Enterprise (flagship product) enables customers to forecast asset & portfolio

performance, model scenarios to see the impact of market changes, tenant events,

purchases or sales, and see the impact of key decisions on property or portfolio level returns

Revenue Characteristics

• Software sold as perpetual licenses with ongoing maintenance, or on a subscription basis

and cloud products are sold on a subscription basis (as of July 2019, new customers can

only buy AE cloud subscriptions)

• ~97% renewals* on AE software maintenance

Key Business Characteristics

• ARGUS Enterprise is the industry standard for property valuation in

key CRE markets (taught in over 200 universities & colleges

worldwide)

• Global – used in 70+ countries for over 30 years, 6,500+ software

clients

• Large addressable market opportunity:

• New Customers: +4K AE customers today, ~30K potential

• Current Customers: limited penetration across all offerings

• Future upside from new market verticals & data

Note: ARGUS Enterprise (AE) and ARGUS Developer are also offered via ARGUS on Demand, a hosted solution. As of July 2019, cloud deployment of AE was made available

* Maintenance renewal rate, a non-GAAP measure, represents the percentage of the available renewal opportunity in a fiscal period that renews, calculated on a dollar basis, excluding any growth in

user count or product expansion.

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15

“ARGUS Everywhere” Strategy

Increasing wallet share & crossing borders with multiple capabilities

ARGUS as a multi-

department standard -

from acquisitions to

finance, broadened use

across organization

Sustained trend in clients

deploying more seats and

adding modules

~4K ARGUS Enterprise

client calling card

Focus on Germany,

France and Asia in 2019,

creating local value

through local functionality

(network effect led by

biggest CRE firms)

Focus on global, multi-

product contracts for

end-to-end client needs

(currently less than 5

clients have bought multi-

products globally)

Driving value through

enhanced functionality via

cloud applications that

enhance workflow, data

aggregation & partner

data flow)

Focus on Top 200 clients

to deploy ARGUS

Enterprise everywhere

globally (currently less

than 10 have deployed

globally)

Cross-Sell / Up-Sell Market Expansion Integrated Offerings New Cloud Products Global Deployment

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16

The Transition of ARGUS Software

SET THE ARGUS ENTERPRISE (AE) STANDARD GLOBALLY

North America DCF Upgrade

Established AE as the

Market Standard

UK ValCap Upgrade

Driving Continental Europe

Adoption

Go Global

Driving AE as a

Global Solution

CROSS SELL + UPSELL

Growing Wallet Share & Driving Enterprise Agreements with Multi-Product Solutions

MOVE TO CLOUD

Drive Cloud Adoption with AE User Base & Sell New Cloud Applications

INNOVATE

Monetize Data / Pursue Partnerships / Expand Market Verticals / Launch New Data

Applications

2013 -

Curr

ent

2015 -

Cu

rre

nt

Cu

rre

nt

Upgrade/Add-on Sale Multi-Product Sale Global Solution

Move the market to a single

ARGUS Enterprise standard

Establish ARGUS Enterprise

for global adoption

Establish a platform solution

with multiple global asset &

investment management

capabilities

Move to the Cloud

Protected the Business Moat:

1

2

3

4

Move AE Users to Cloud Platform

Leverage Aggregated & 3rd Party Data

Enhance Workflows & Launch New Products

Futu

re

Enhanced the Moat:

Driving Global Growth:

Access Data in the Cloud

5

Unlock Power of Data 5

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17

Appraisal Management Solutions

Key Client Value

• Outsourced third-party valuation/appraisal management services with

proprietary data analytics tools for performance benchmarking &

attribution analysis

• Helping clients leverage industry and market data to make better

decisions and optimize performance against benchmarks from top

performing investors

Key Business Characteristics

• Market leader in the US, with first-to-market advantage in Europe & Asia

Pacific

• Very high customer renewals

• Steady growth, improving margins with technology & data

• Upside potential from data & geographic expansion

Revenue Characteristics

• 3-5 year contracts; pricing primarily based on # of CRE assets on our

platform, adjusted for frequency of valuations & complexity

• All revenues (except due diligence assignments) are considered

recurring revenues (non-IFRS)

Growth Priorities

• Same customer growth in US – customers adding more assets on

platform & increasing frequency of valuations

• International expansion (Europe, Asia Pacific) – well positioned for

regulatory changes (AIFMD)

• New client & new client “type” growth – growing open-end fund clients &

upside from closed-end funds, pension funds, debt funds, REITS, etc.

Competitive Advantages

• US Fund Valuation Standard: performance attribution standard for most NCREIF (ODCE)

Open End Funds

• Breadth of Data: spans 7,000+ institutional properties and 165+ funds (unique in industry,

covers 400+ individual valuation parameters)

• Proprietary Analytics Tools – benchmarking & attribution analysis for CRE funds & assets

• Peer comparison for value, occupancy, rent & other key performance drivers

• Insights on how portfolio is over/under performing peers

• Ability to drill from fund-level performance to detailed property operating view

• Expertise & Independence: accredited professionals with local market expertise & global

insight

1.

Intake

2.

Administer

Process

3.

Review

Appraisals 2.

Benchmark

Performance

5.

Report

CRE FUND INVESTMENT

PERFORMANCE DATA

Historical

Performance

Benchmarks

Forecasted Value of

Funds (compared to

market)

Data Analytics Tool

for Attribution

Analysis

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18

Altus Analytics Significant Market Opportunity

Top 200 Global &

Net New Customer

Growth Opportunity

• Geographic Expansion

• AE Global Deployment

• Multi-Product Enterprise Sales

• Leveraging Appraisal Management

Client Growth & Expansion

Future

Opportunities

• Data Monetization

• New CRE Market Verticals

Wallet Share Expansion

Opportunity with +6,500

Software Customer Base

• Add-on Sales

• Monetizing Cloud Migration

• New Solutions & Applications

Wide TAM Multiple Avenues for Growth Supports 2023 $400 M Revenue Goal

03

01

02 <15% global market

penetration leaves plenty

of room for growth

Cloud transition to facilitate

higher wallet share expansion

Upside

*Based on ~4K AE customers and ~30K companies identified worldwide that are engaged in CRE who Altus Group could target as customers for AA solutions – includes Owner Operators, Investors, Lenders and Service

Providers; excludes multifamily and developers, and other financial management client type.

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19

Property Tax Services

*Guidance based on rebound of activity in Ontario & UK markets following a deferral of revenues in 2018

Key Client Value

• Helping clients reduce their CRE asset tax burden (largest operating expense)

• Specialized tax experts with industry knowledge & data

Key Business Characteristics

• Market leader with national scale in 3 countries (+60% market share in

Canada, ~20% in UK based on volume of appeals filed, and growing in US)

• High customer retention between cycles

• Steady growth, improving margins with technology & data

• Upside potential from data & geographic expansion

Revenue Characteristics

• 36% of consolidated revenues, evenly split between Canada, US, UK (2018)

• Majority derived on a contingency basis (higher margin model), recognized

when appeal settlements are made (with balance on a fixed fee or on time &

materials) – as contingency revenues come in, they flow directly to bottom line

• Significant quarterly fluctuations as a result of uneven timing of contingency

settlements & wide range of cycles

• Key markets & cycles: UK (4 yrs), Texas (1 yr), Ontario (4 yrs), British

Columbia (1 yr), Alberta (1 yr)

0

50

100

150

200

2014 2015 2016 2017 2018 2019F

Revenue & Margin Trends

Revenue Adj. EBITDA Margin

$98.3M

$133.9M

$151.2M $158.7M

$176.7M

22% 21% 27% 26% 20%

Tax Analytics

Platform (TAP) to

drive internal

efficiencies &

client value

Expansion through

financially-

accretive

acquisitions (US

focused)

Organic initiatives

to drive market

share growth (US

& UK)

Growth Initiatives

Guidance* for record

revenue performance

$110M

YTD H1

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20

Property Tax Revenue Historical View

$0

$10,000

$20,000

$30,000

$40,000

$50,000

$60,000

$70,000

Q1

/14

Q2

/14

Q3

/14

Q4

/14

Q1

/15

Q2

/15

Q3

/15

Q4

/15

Q1

/16

Q2

/16

Q3

/16

Q4

/16

Q1

/17

Q2

/17

Q3

/17

Q4

/17

Q1

/18

Q2

/18

Q3

/18

Q4

/18

Q1

/19

Q2

/19

$98.3 M

$133.9 M $151.2 M

$158.7 M

$176.7 M

Variability in quarterly revenue performance but sustained annual growth

Factors Impacting Revenue

Variability:

Mix of Jurisdictions

UK national, Cdn. provincial,

US county and state level

Length of Cycles

Range from 1 – 5 yrs

Contingency Fees

Represent a high portion of

total global Property Tax

revenues

UK Annuity Billings

Q2 cyclicality/seasonality,

excluding first year of new

cycles

2014 adj. EBITDA

margin: 22% 2015 adj. EBITDA

margin: 21%

2016 adj. EBITDA

margin: 27% 2017 adj. EBITDA

margin: 26%

2018 adj. EBITDA

margin: 20% 2019 YTD adj. EBITDA

margin: 35%

Record Revenue

Guidance

Page 21: CONNECTING THE GLOBAL COMMERICAL REAL ESTATE … · 8/20/2019  · An integrated platform that Full stack of integrated end-to-end CRE solutions: ... • Approx. US$6 billion invested

altusgroup.com

For investor inquiries, please contact:

Camilla Bartosiewicz, VP, Investor Relations

[email protected]

416-641-9773

TSX: AIF

MARKET CAPITALIZATION $1.5 Billion

SHARES OUTSTANDING 39.9 M

RECENT SHARE PRICE $37.74 (Aug. 12)

52-WEEK RANGE $38.74 / $21.67

3-MTH AVG. TRADING VOLUME ~61K

QUARTERLY DIVIDEND $0.15 per share (~2.3% yield)

ADJUSTED EPS $1.05 per share (2018)

OWNERSHIP ~90% Institutions & ~5%

Employees

ANALYST COVERAGE

1. BMO, Stephen MacLeod

2. Canaccord, Yuri Lynk

3. Cormark, Maggie MacDougall

4. CIBC, Stephanie Price

5. GMP, Deepak Kaushal

6. National Bank, Richard Tse

7. RBC, Paul Treiber

8. Scotia, Paul Steep

9. TD, Daniel Chan