Dream Unlimited Corp. Class A · TSX:DRM
Dream Unlimited Corp. Class A — Dream Industrial REIT — Q1 2025 Earnings Presentation
47 slides from Dream Unlimited Corp. Class A's earnings presentation, May 2025
Slide 1: Investor Presentation May 2025
‘Investor resentation | a Moy 2025
Slide 2: Overview
Overview dream @ industrial REIT ‘ourtneypark Drive East, sauga, ON, Canada Cover image: Crossiron Distribution Centre, Balzac, Alberta,
Slide 3: Exportweg 2–20, Waddinxveen, Netherlands
Exportweg 2–20, Waddinxveen, Netherlands
Slide 4: Company Snapshot
Dream Industrial REIT Company Snapshot Our Industrial Platform $7B + S$8B Dream Industrial Private Industrial Platform Investment Properties Partnerships Wholly Owned Portfolio Canada Europe $4.3B $2.68 eermeny 63% 37% 4.2M SF Netherlands 46 assets 7.1M SF France 9 assets 3.5M SF Spain 7 assets 1.4M
Slide 5: Multiple Drivers of Value Creation
Dream Industrial REIT 6) Multiple Drivers of Value Creation NAV per Unit Growth FFO per Unit Growth Attractive Valuation Organic NOI Growth Strong rent mark-to-market potential Robust pace of organic growth High occupancy level of 95.4% Favourable fundamentals driving continued growth in market rent
Slide 6: Strong Organic Growth and Diluted FFO per Unit Driven by Rental Growth
Dream Industrial REIT Strong Organic Growth and Diluted FFO per Unit! Driven by Rental Growth ©) Strategic initiatives have allowed us to deliver a consistently strong pace of organic growth and steady FFO per Unit! growth while maintaining a healthy and flexible balance sheet tym , Change in weight
Slide 7: Q1 2025 Financial and Operational Highlights
Dream Industrial REIT @ Q1 2025 Financial and Operational Highlights | Diluted FFO per unit! in Q1 2025 was $0.26, up 5.8% compared to Q1 2024. Net asset value per unit! was $16.76 in Q1 2025, a slight increase compared to $16.72 at Q1 2024. 2 Comparative properties NOI' (“CP NOI”) increased 3.1% ye
Slide 8: Experienced Management Team
Dream Industrial REIT Experienced Management Team rt i > Alex Sannikov Lenis Quan Bruce Traversy Kimberley Hill President & CEO CFO clo SVP, Customer Solutions en , « - ax q <& “7 Dan Fletcher Andrew Cunningham Matthew Virgini Shane Henke Sjoerd Barmentloo SVP, Portfolio Management VP, Portfolio Man
Slide 9: Our Strategic Components
Dream Industrial REIT Our Strategic Components Focus on modern, functional and welHocated urban assets. Built-in organic growth with 3%+ average annual contractual rent growth on leases in Canada and 85% of leases indexed to local CPI in Europe with remainder having contractual rent steps. Opportuni
Slide 10: 1100 Courtneypark Drive East, Mississauga, ON, Canada
1100 Courtneypark Drive East, Mississauga, ON, Canada
Slide 11: E RB
E RB Well-located in urban Suitable for warehousing, light centres or nearby assembly and delivery to end- highway networks users Smaller unit size increases pricing power Limited new Diversity of supply users B May service a network of last mile facilities and handle reverse flow logistics Location
Slide 12: Focus on Modern, Functional & Well-located Urban Industrial Assets
Focus on Modern, Functional & Well-located Urban Industrial Assets Europe $2,015 54% Canada $1,693 46% Square feet Assets Acres Montréal, OC Europe Suuy 21% Canada $1,666 79% Square feet Assets Acres Vaughan, OW ATT, 1 Excludes equity-accounted investments and properties under development as at Marc
Slide 13: Broad Tenant Base Provides Diversified Rental Income
Dream Industrial REIT ® Broad Tenant Base Provides Diversified Rental Income! Use of Space by Annualized Gross Rent! Industry Exposure by Annualized Gross Rent! Other Temperature controlled light industrial 20% Distribution and Warehousing 67% <15,000 sq. ft. 15% Ff 15,000-50,000 sq. ft. 18% >100,00
Slide 14: Top Tenants Consist of Renowned Global Companies
Dream Industrial REIT ® Top Tenants Consist of Renowned Global Companies Use of Top 10 tenants by gross revenue Industry Space Auchan, a privately owned French international retail group, is one of Food and Distribution & the largest grocery chains in France with €32B in annual revenues, and Beverag
Slide 15: Urban-Focused Industrial Portfolio - Ontario
Dream Industrial REIT Urban-Focused Industrial Portfolio - Ontario* @ Dream Industrial @ Dream Summit Industrial” ® ner *Figures as at March 31, 2025. ® e N = Hi farkharr A &e ° 5? “ ick OO ee e's er ® ry -e North C@oorougn 218} » > Y 2) of oct 2 >, e ash : @ @ Toronto © See is ae O ey 9 © e &e 7@ ®
Slide 16: Urban-Focused Industrial Portfolio - Quebec
Dream Industrial REIT Urban-Focused Industrial Portfolio - Quebec* seein pan Tae ~ i ae * - Pas meee Industrial Saint-Janvier ; © x \ J - 9 F ~ Saint Mare-sur- @ Dream Summit Industrial 4 ba] t sanere-monsoue tnamntne Mirabel __ 7 )/ \ Saint Amable ; © samnt-AucusTIN «, es de = ra it Yl 4 nas ; < qu
Slide 17: Urban-Focused Industrial Portfolio - Greater Calgary Area
Dream Industrial REIT Urban-Focused Industrial Portfolio - Greater Calgary Area* e@ . ee @ Dream Industrial @ @ Dream Summit Industrial 2 e CU) e Coe e* e 2 = : « Calgary, e @ ee ot \e @ Lr) @ . e ty) ¥ Se e J) e ee 6.2M SF 81 Properties “Figures as at March 31, 2025.
Slide 18: Urban-Focused Industrial Portfolio - Western Europe
Dream Industrial REIT Urban-Focused Industrial Portfolio - Western Europe* . i ys cr Hamburg, Pomwerin + a 7] Szczecin *) y . ¥ ( . . + Ny i) 4 *— Gorzéw ce } f Wielkopolski f ~ rs (4 ~ j \ Berlin AS Md ey pees Ps ‘Pos e om wt = P@dam-— _ ¥ aS ' Taian A" gioodebty = Zielona : . vas We (Gora F cy i e
Slide 19: Urban Portfolio with Embedded Upside
Dream Industrial REIT Urban Portfolio with Embedded Upside Strong mark-to-market potential Contractual rent growth Robust leasing momentum Opportunity to drive strong organic growth with 21%+ mark- to-market rent spread. Market rents exceed the average in- place rent by 28.2% and 5.6% across our who
Slide 20: Outlook for Organic Growth
Dream Industrial REIT Outlook for Organic Growth | $10.91 FE $13.99 | 025 Leasing Highlights = > 3 4G5K SF +36% vs ° Calgary, AB penewole Prior Rent Average in-place and Canadian Market : P committed base rent per avg. rent per sq. ft sq. ft W3KSF +124%vs a New L Prior Rent +28.2% a a ag lew Lease r
Slide 21: Stable Occupancy Throughout Portfolio
Dream Industrial REIT @ Stable Occupancy Throughout Portfolio Continued strong and stable occupancy across all regions and portfolios In-place and Committed Occupancy / Retention Ratio’ STEEPLECHASE Committed Occupancy Retention Ratio Ontario 95.2% 100% 99% é 0, 6% 96% 96% 95% 96% 97% 97% 96% 96% 7”
Slide 22: Lease Maturity Profile and 2025 Commitments
Dream Industrial REIT @) Lease Maturity Profile and 2025 Commitments Well staggered lease maturity profile with significant opportunity to capture rent uplift on lease rollover Total Expiries by Year* 2025 Lease Expiry Profile* 6.149 ; 5,822 | 4,453 | 497i 269 _— a mz Remainder of 2026 2027 2028 202
Slide 23: Lease Maturities Paving the Way for Near-term Organic Growth
Dream Industrial REIT @ Lease Maturities Paving the Way for Near-term Organic Growth SS $16.38 $13.90 2,400 Estimated Regional $16.00 2,400 Estimated Regional $16.00 ’ Market Rent $11.77 2,100 Market Rent 2,000 $9.01 $10.05 e $12.00 1,800 $10.14 $10.08 $12.00 1,600 e e 1,500 $8.53 e e 1,628 1,200 5
Slide 24: Abbotside Way, Caledon, ON, Canada
Abbotside Way, Caledon, ON, Canada
Slide 25: Marie Curie Boulevard, Montréal, Canada
25 401 Marie Curie Boulevard, Montréal, Canada
Slide 26: Development Strategy - Snapshot
Dream Industrial REIT Development Strategy - Snapshot Focus on executing on near-term development pipeline to add high-quality brand-new logistics space to the portfolio in predominantly urban markets, with targeted yield on cost of ~6-7% Redevelopment of existing properties Intensification of exces
Slide 27: Development Projects Underway
Courtneypark, ON Helmond, Netherlands Fully Leased Fully Leased Abbotside, Caledon Bodegraven, Netherlands Fully Leased Fully Leased Balzac, AB Water Street, ON 60% Leased Underway Balzac, AB Brampton, ON 46% Leased Planning
Slide 28: Loděnická, Allendale, Pohořelice
Loděnická Allendale 963, Pohořelice, Cambridge,Czech ON,Republic Canada
Slide 29: Private Capital Partnerships
Dream Industrial REIT Private Capital Partnerships rs 35M SF $8B $1+ billion Partnerships GLA IP Value of acquisitions over the past 24 months Dream Summit Joint Venture U.S. Industrial Fund JV between Dream Industrial REIT and GIC which acquired Summit Industrial Income REIT in a transaction valued
Slide 30: Highly Scalable Property Management Platform
Dream Industrial REIT Highly Scalable Property Management Platform 12.8 $12.0M $11.2M 11.2 z 9.6 $9.1M = 8.0 2 6.4 f 4.8 Zz $3.6M 3 3.2 1.6 $0.0M $0.6M 0.0 Ce 2020 2021 2022 2023 2024 Q1-2025 run-rate Property management revenue is driven by organic revenue growth within private partnerships Leasing
Slide 31: Laan van Ypenburg 108, The Hague, Netherlands
Laan van Ypenburg 108, The Hague, Netherlands
Slide 32: Solar Revenue Model
Dream Industrial REIT @) Solar Revenue Model Canada Netherlands Tenants buy all the solar electricity 4 We sell power to the grid at a generated by Dream Industrial at subsidized minimum rate guaranteed rate with escalations on, Solar will partially meet the tenant’s (a electricity needs; any power
Slide 33: Capital Investments in Clean Power
Dream Industrial REIT @) Capital Investments in Clean Power 24 $23M 11% Projects substantially complete and Estimated cost of completed and Estimated yield on cost of completed under management substantially completed projects projects 46,000 22 MW $1.5M System capacity of completed Solar panels ins
Slide 34: Alternative Solar Strategies
Alternative Solar strategies *No assurance, representation or warranty is made by any person that management’s target internal returns will be achieved, and undue reliance should not be put on them
Slide 35: Alternative Uses
Dream Industrial REIT ® Alternative Uses ET t =] Data Centres [; emp ere Celis ==] Facilities 30+ sites shortlisted and ~2M SF of existing assets with undergoing feasibility significant conversion and build- to-suit opportunities pa) Mixed-use Intensification E Self Storage 6 sites identified for re
Slide 36: Assessing Significant Power Potential
Dream Industrial REIT Assessing Significant Power Potential We are advancing our strategy to upgrade power capacity at select properties within our portfoliofor data centre uses. Preliminary feedback from utility providers indicates up to 180 MW additional capacity across three Ontario sites and 40
Slide 37: Rue Marie Curie, Vaudreuil-Dorion, QC, Canada
401 Rue Marie Curie, Vaudreuil-Dorion, QC, Canada
Slide 38: Mortgages, Unsecured Debt, Equity
Mortgages Unsecured Debt Equity
Slide 39: Defensive and Flexible Balance Sheet
Dream Industrial REIT Defensive and Flexible Balance Sheet 7% net total debt-to-total assets (net of cash and cash equivalents)! reduction since year-end 2018 with a ~62x increase in the unencumbered investment properties! pool since 2019; secured debt! now 5.3% of total assets Focused de-leveraging
Slide 40: Staggered Debt Maturity Profile Provides Significant Balance Sheet Flexibility
Dream Industrial REIT Staggered Debt Maturity Profile Provides Significant Balance Sheet Flexibility Well-staggered debt maturities provide strong liquidity position well in line with targeted leverage $1,200M 5 $978M 2 3 ie} 2 $800M 8 $666M Cc te] 8 D $450M $450M & $400M 2 SOOM 4 2 2 5 io) $14M SOM
Slide 41: Kamerlingh Onnesweg 2-4a/Bessemerstraat 1-10, Dordrecht, Netherlands
Kamerlingh Onnesweg 2-4a/Bessemerstraat 1-10, Dordrecht, Netherlands
Slide 42: ESG Highlights
Dream Industrial REIT ESG Highlights C) vironmental Social Governance 650,000 sf of LED lighting upgrades! Over 1.2 Million sf of green building certifications completed in Q1 2025 with a total of 7.1 million sf green certified? Over 22 megawatts? of solar panel projects completed in Alberta and the
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Slide 44: Urban IOS Case Study: North Vancouver
Urban IOS Case Study: North Vancouver The site is strategically located near major trucking and shipping routes, supporting diverse tenants—self-storage, parking, infrastructure, warehousing, and marine uses—with in-place rents well below market. The high demand and low supply dynamic is complemente
Slide 45: Urban Industrial Case Study: Courtneypark
@) Urban Industrial Case Study: Courtneypark Located in central Mississauga, the site offers excellent transportation accessibility, with proximity to six major 400- series highways and Toronto Pearson Airport. This state-of-the-art, last-mile urban industrial facility features a GLA of 209,000 sf,
Slide 46: Disclaimer
Dream Industrial REIT Disclaimer Forward Looking Information This investor presentation may contain forwardlooking information within the meaning of applicable securities legislation, including but not limited to statements relating to: the Trust's objectives and strategies to achieve those objectiv
Slide 47: Disclaimer
Dream Industrial REIT @ Disclaimer Non-GAAP Financial Measures, Ratios and Supplementary Financial Measures The Trust's consolidated financial statements are prepared in accordance IFRS Accounting Standards as issued by the International Accounting Standards Board (“IFRS”). In this investor presenta
Dream Industrial REIT — Q1 2025 Earnings Presentation on 6ix