Dream Unlimited Corp. Class A · TSX:DRM
Dream Unlimited Corp. Class A — Dream Industrial REIT — Investor Presentation (November 2024)
48 slides from Dream Unlimited Corp. Class A's investor presentation, November 2024
Slide 1: Dream Industrial REIT Investor Presentation
Dream Industrial REIT Investor Presentation November 2024
Slide 2: Presentation Overview
> a Atze 401 Marie-Curie Boulevard, Montréal, OC, Canada Presentation Overview Section 1 Section 2 Section 3 Section 4 Section 5 Our Company & Strategy Growth Drivers Portfolio Highlights Financial Highlights ESG Highlights
Slide 3: Our Company & Strategy
Exportweg 2–20, Waddinxveen, Netherlands
Slide 4: Company Snapshot
6 Dream Industrial REIT ©) Company Snapshot Our Industrial Platform $8B + $7B = $15B Q3 2024 Key Dream Industrial Private Industrial Platform Balance Sheet Partnerships Highlights Wholly Owned Portfolio 71.9M SF 95.5% Owned and In-Place and Committed 1 Occupancy? Canada Europe managed GLA pancy} $4.
Slide 5: Our Strategic Pillars
6 Dream Industrial REIT Our Strategic Pillars Urban Portfolio with Embedded Upside Opportunity to drive strong organic growth with ~30% mark-to- market rent spread Over 5.2M sf of leases transacted at an average rental spread of 4.0% + to date in 2024 3%+ average annual contractual rent growth on le
Slide 6: Multiple Drivers of Value-Creation
6 Dream Industrial REIT @ Multiple Drivers of Value-Creation Attractive Valuation Organic NOI Growth NAV per Unit Growth FFO per Unit Growth Strong rent mark-to-market potential Strong fundamentals driving Robust pace of organic growth High occupancy level of 95.5% continued growth in market rents 9
Slide 7: Focus on High Quality Urban Industrial Assets
© Dream Industrial REIT Focus on High Quality Urban Industrial Assets Urban Industrial Product Location Functionality o, 6,6 Potential for Alternative Higher and Best Uses Urban Industrial Specialist Last mile, urban and regional logistics and light industrial assets servicing key population concent
Slide 8: Focus on High Quality Urban Industrial Assets
6 Dream Industrial REIT Focus on High Quality Urban Industrial Assets Asset Characteristics * Warehousing - both ambient and chilled/cooled * Industrial outside storage (IOS) ° Light industrial and cross-dock ° Single and multi-tenant * Small and mid-bay - GLA ° Expansion potential * Strong rental o
Slide 9: Q3 2024 Financial and Operational Highlights
6 Dream Industrial REIT @) Q3 2024 Financial and Operational Highlights FFO per unit in Q3 2024 was $0.26, up 4.1% year-over-year from Q3 2023. ) Comparative properties NOI' (“CP NOI”) increased 3.3% year-over-year in Q3 2024, led by Ontario and Quebec at 8.9% and 4.4%, respectively. For the year-to
Slide 10: Experienced Management Team
Dream Industrial REIT Experienced Management Team Pd Alex Sannikov Lenis Quan Bruce Traversy Kimberley Hill President & CEO CFO clo SVP, Customer Solutions r= a es sey i = PS gt Dan Fletcher Andrew Cunningham Matthew Virgini Shane Henke Sjoerd Barmentloo SVP, Portfolio Management VP, Portfolio Manag
Slide 11: Growth Drivers
6 Mesonweg, Utrecht, Netherlands
Slide 12: Strong Outlook for Organic Growth
6 Dream Industrial REIT (@) Strong Outlook for Organic Growth 1] Strong mark-to-market potential 2] High occupancy levels $17.50 100.0% +37.5% ° 99% $15.00 $14.20 98% 98.0% $12.50 C$10.33 96% $10.00 +7.6% 96.0% 96% 7.50 s €5.64 © 6.07 94.0% $5.00 $2.50 92.0% Canada Europe Bi In-place and committed b
Slide 13: Robust Industrial Fundamentals Have Supported Strong Rental Rate Growth
6 Dream Industrial REIT Robust Industrial Fundamentals Have Supported Strong Rental Rate Growth ©) Significant growth in market rents £9. 9% $13.94 $14.20 In local currency Canada Europe mQ4 2022 mO4 2023 mQ3 2024 Since the end of 2022, market rents have grown by 9.9% in Canada, led by 10.2% in Onta
Slide 14: Strong Outlook for Organic Growth - Lease Maturities and Rents by Market
Dream Industrial REIT © Strong Outlook for Organic Growth - Lease Maturities and Rents by Market Ontario $16.49 1619 Estimated Regional , 1,600 Market Rent 9.68 1,200 $8.48 s $8.31 e e e 800 996 400 175 ie} 2024 2025 2026 Expiring Area (000s sf) Western Canada $9.59 1,200 Estimated Regional Market R
Slide 15: Strong Organic Growth Drives Diluted FFO per Unit Growth
6 Dream Industrial REIT () Strong Organic Growth Drives Diluted FFO per Unit Growth mmm Diluted FFO per Unit! mam Change in weighted average occupancy mam Change in in-place base rent Cash Equivalents]? —-Average Net Total Debt-to-Total Assets (Net of Cash and 0.30 4 ; 50% 43.3% s YoY CP NOI growth
Slide 16: Poised For Strong Rental Rate Growth on Lease Roll-over
© Dream Industrial REIT Poised For Strong Rental Rate Growth on Lease Roll-over 100% 2 io) & 60% 40% Percentage of overall portfolio of GLA 20% 0% 100% 80% y wn 40% 11.3% mua a oon i 14.5% 20% 2024 2025 2026 2027 2028 WExpiries- Canada m™Expiries- Europe mami Committed Occupancy Retention Ratio 2015
Slide 17: Development Strategy
6 Dream Industrial REIT Development Strategy ) : seat Redevelopment of Greenfield Development Intensification of excess land os P . existing properties 25% interest in $1.5B GTA develop-to-hold JV with global sovereign wealth fund Completed and substantially completed 726K SF of expansions to date,
Slide 18: Private Capital Partnerships
© Dream Industrial REIT Private Capital Partnerships Dream Summit Joint Venture JV between Dream Industrial REIT and GIC to acquire Summit Industrial Income REIT in a transaction valued at $5.9 billion. Subsequently acquired an additional $0.5 billion of assets to date. GTA Land Venture Dream Indust
Slide 19: Portfolio Highlights
Emil-Lux-Str. 1, Wermelskirchen, Germany
Slide 20: Focus on Modern, Functional & Well-located Urban Industrial Assets
Dream Industrial REIT Focus on Modern, Functional & Well-located Urban Industrial Assets Distribution! Urban Logistics! Light Industrial" 54% of IP Value 31% of IP Value Europe 15% IP Value 9 Europe 9% ge Europe SuG7 $1,948 ; 33% 21% Canada $1,673 79% 53.3M 215 2,954 12.2M 82 753 6.4M 41 393 Square
Slide 21: Urban Industrial Portfolio - Greater Toronto Area
Dream Industrial REIT @® Urban Industrial Portfolio - Greater Toronto Area Caledon East vod Mayfield West ‘Gh 7 oe 4 8.9MSF 100Properties 3.8yWALT' 45% MTM? *Figures as at September 30, 2024. Represents subset of wholly owned portfolio that is classified as urban industrial ‘Represents weighted aver
Slide 22: Urban Industrial Portfolio - Greater Montreal Area
Dream Industrial REIT Urban Industrial Portfolio - Greater Montreal Area nag e latetetd ‘des-Plaines Miabel en Haut Saint Colombian er fA Saint conut Saine-chr surRicheliou inet _ssime-Badline sain dupe _stin pace Saimean sptste | pose ee on Seite hg Sain-azare oust saint _Saimscit f a \ “Mont Saint
Slide 23: Urban Industrial Portfolio - Calgary
6 Dream Industrial REIT ® Urban Industrial Portfolio - Calgary ¥ ri . coal Tg f j y ; 22. 4 Fe oh Z % J / , Ul / ‘ - f > f ‘ \ 47 / ny AN N . \ y - \ a y, i - @ V7 ] j \ “tine ym a ’ \ f ) _tanagon J — 4 a i we y gee Je ae ie ~ : 4 = # o ~ “ “al asp Wer oh es - i a Pat tee : - ~ Fa YR ann — —— ae~ S
Slide 24: Urban Industrial Portfolio - Western Europe
6 Dream Industrial REIT ® Urban Industrial Portfolio - Western Europe UNITED KINGDOM Peterborough Msi oti ed, | 10.7MSF 76Properties 45yWALT' 9% MTM?2 *Figures as at September 30, 2024. Represents subset of wholly owned portfolio that is classified as urban industrial ‘Represents weighted average le
Slide 25: Broad Tenant Base Provides Diversified Rental Income
Dream Industrial REIT Broad Tenant Base Provides Diversified Rental Income! @) 15,000-50,000 sq. ft. Use of Space by Annualized Gross Rent! Cold Storage Other 2% 5% Office 4% Light Industrial 20% Distribution and Warehousing 69% Tenant Size Breakdown by Annualized Gross Rent! <15,000 sq. ft. 15% >10
Slide 26: Top Tenants Consist of Renowned Global Companies
6 Dream Industrial REIT Top Tenants Consist of Renowned Global Companies 25% Muchan | a 13% I 11% DN 1.0% 0.9% % of Gross 0.9% Rent 0.9% Kuennernacer (P) Other Tenants 0.8% 89.0% “® tayco 0.8% amazon meet 1 Kikis the owner of RLS Slovakia s.r.o., the tenant of the property Source: Bloomberg, CBRE, J
Slide 27: Financial Highlights
4 Zoete Inval, Breda, Netherlands
Slide 28: Mortgages, Unsecured Debt, Equity
Mortgages Unsecured Debt Equity
Slide 29: Strong and Flexible Balance Sheet
6 Dream Industrial REIT Strong and Flexible Balance Sheet Focused de-leveraging while upgrading portfolio Shift to unsecured financing model significantly quality improved financial flexibility increased unencumbered investment properties! pool ™ Ending Net Total Debt-to-Total Assets (Net of Cash an
Slide 30: Balanced Debt Maturity Profile Provides Significant Balance Sheet Flexibility
6 Dream Industrial REIT Balanced Debt Maturity Profile Provides Significant Balance Sheet Flexibility $1,200M 2.7 2.48% years wane $742M WATM' undrawn revolving $955M credit facility? $848M $79M cash and cash $800M + equivalents $820M available liquidity* $450M Su00M $400M $285M SoM SOM Ye 2024 2025
Slide 31: ESG Highlights
is fa bah — aa Ss Eicesiis - aan ‘SmgmEE ‘SESE + sEnE Stet SHEESH SRECGHE L - cr Seat es oT ALS. TLE Highlights ESG
Slide 32: Capital Investments in Clean Power
Dream Industrial REIT Capital Investments in Clean Power % pm RE ATS Calgary, Alberta Ede, Netherlands > Ry Duiven, Netherlands Bleiswijk, Netherlands 20 MW of projects completed (43,000 solar panels) in Alberta and the Netherlands; total project cost of ~$24 million with expected yield on cost of o
Slide 33: ESG Highlights
6 Dream Industrial REIT ® ESG Highlights nvironmental Social Governance Over 1.2 Million sf Developed ESG Framework of LED lighting upgrades! 9 Outlining key milestones and initiatives with gneng ups 52% executive compensation linked to ESG metrics and 140% Increase of managers are women? deliverabl
Slide 34: Significant Initiatives to Enhance Sustainability Profile
6 Dream Industrial REIT Significant Initiatives to Enhance Sustainability Profile NET ZERO ASSET MANAGERS INITIATIVE As part of the Dream group of companies’ commitment’, DIR is supporting the Net Zero Asset Managers (NZAM) Initiative, which is a group of international asset managers committed to su
Slide 35: Green Financing
6 Dream Industrial REIT Green Financing Guldenweg 6, Varsseveld, Netherlands (BREEAM Very Good) Published 2023 Sustainability Report and completed third annual GRESB disclosure in 2024, achieving an improved average score from 2023 annual disclosure Green Financing Framework aligns with the UN Susta
Slide 36: Appendix
Stevinlaan 4, Ede, Netherlands
Slide 37: Development Projects
Exportweg 2–20, Waddinxveen, Netherlands
Slide 38: Completed Projects - Radeberg
pe ad SF Completed Projects Site Overview Completed Building Christoph-Seydel-StraBe 1, Radeberg, 278,000 square foot logistics facility on 30.4 acres located in Radeberg, Germany, adjacent to Dresden with 24’ clear height Increased property’s footprint by 241,000 square foot with 34’ clear height,
Slide 39: Completed Projects - 100 East Beaver Creek
Dream Industrial REIT Completed Projects Site Overview Expansion Progress Project Rendering 100 East Beaver Creek, Greater Toronto Area Construction is substantially complete on the existing 110,000 square foot property located in the GTA, in close proximity to Highways 404 and 407 Signed a new leas
Slide 40: Completed Projects - 401 Marie Curie Boulevard
Dream Industrial REIT Completed Projects Site Overview 4 4 Completed | 401 Marie Curie Boulevard, Greater Montréal Area 527,000 square foot Class A distribution facility in the Greater Montréal Area with a clear height of 30 feet Situated on 38.4 acres with current site coverage of 32% Increased the
Slide 41: Completed Projects - Blaise Pascal
6 Dream Industrial REIT Completed Projects Site Overview slelstalala}atatalala Project Rendering Blaise Pascal, Greater Montréal Area 206,000 square foot distribution facility in the Greater Montréal Area situated on 13.8 acres and in close proximity to Highway 25 & 40 Expanded property by 120,000 s
Slide 42: Greenfield Projects Substantially Completed
© Dream Industrial REIT Greenfield Projects Substantially Completed Project Rendering Cross Roads Commercial Greater Calgary Area Construction is substantially complete at the 20- acre property located just outside of Calgary Site supports a cluster of two buildings with total area of 343k sf and si
Slide 43: Greenfield Projects Underway
© Dream Industrial REIT Greenfield Projects Underway Project Rendering Rocky View County, Greater Calgary Area Construction is underway at the 50-acre property located just outside of Calgary Site will support cluster of two buildings with total area of 650k sf and site coverage of 48% Construction
Slide 44: Greenfield Projects Completed
Greenfield Projects Completed Site Overview | Ue Completed Project Abbotside Way, Reached substantial completion during Q2 2023. Multi-tenant asset fully leased to logistics users 8-acre land parcel in Caledon supports a LEED certified ~154,000 sf logistics building Achieved yield on cost of ~7%
Slide 45: Redevelopment Projects Completed
Redevelopment Projects Completed Courtneypark, High-quality logistics product totalling 209,000 square feet with 40’ clear height was substantially completed in Q1 2024 and achieved Zero Carbon Building Standard v2 Certification Situated on 10 acres of land in the Mississauga area Achieved yield on
Slide 46: Redevelopment Projects Underway
Dream Industrial REIT Redevelopment Projects Underway Water Street, Greater Toronto Area Existing 210,000 square feet facility was built in 1956 and sits on a 24-acre site with 20% site coverage Final project will consist of two new industrial buildings totaling ~389,000 square feet, optimizing site
Slide 47: Forward Looking Information
) Forward Looking Information This investor presentation may contain forward-looking information within the meaning of applicable securities legislation. Such statements include, but are not limited to, statements with respect to Dream Industrial REIT’s (the “Trust”) objectives and strategies to ach
Slide 48: Non-GAAP Financial Measures, Ratios and Supplementary Financial Measures
Non-GAAP Financial Measures, Ratios and Supplementary Financial Measures The Trust’s consolidated financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”). In this investor presentation, as a complement to results provided in accordance with IFRS, the
Dream Industrial REIT — Investor Presentation (November 2024) on 6ix