Dream Unlimited Corp. Class A · TSX:DRM
Dream Unlimited Corp. Class A — Dream Industrial REIT — Investor Presentation (March 2025)
48 slides from Dream Unlimited Corp. Class A's investor presentation, March 2025
Slide 1: Dream Industrial REIT Investor Presentation March 2025
Dream Industrial REIT | Investor Presentation March 2025
Slide 2: Presentation Overview
< 5 \ — 1100 Courtneypark Drive East, Mississauga, ON, Canada Presentation Overview Section 1 Our Company & Strategy Section 2 Growth Drivers Section 3 Portfolio Highlights Section 4 Financial Highlights Section 5 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 S7B 4 $8B =$15B+ Dream Industrial Private Industrial Platform 2024 Key Highlights Balance Sheet Partnerships 71.8M SF 95.8% Owned and In-Place and Committed managed GLAt Occupancy? Wholly Owned Portfolio Canada Europe $4.3B $2.58 Ge
Slide 5: Our Strategic Pillars
Dream Industrial REIT Our Strategic Pillars Urban Portfolio with Embedded Upside Opportunity to drive strong organic growth with 25% + mark-to- market rent spread Over 7.3M sf of leases transacted at an average rental spread of 36% since start of 2024 to January 2025 3%+ average annual contractual r
Slide 6: Multiple Drivers of Value-Creation
6 Dream Industrial REIT @ Multiple Drivers of Value-Creation Organic NOI Growth NAV per Unit Growth FFO per Unit Growth Attractive Valuation Strong rent mark-to-market otential ae i P Strong fundamentals driving Robust pace of organic growth High occupancy level of 95.8% continued growth in market r
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: 2024 Financial and Operational Highlights
6 Dream Industrial REIT 2024 Financial and Operational Highlights FFO per unit! in Q4 2024 was $0.26, up 5.8% compared to Q4 2023 and $1.00 for the full year. Net asset value per unit! was $1 6.79 in Q4 2024, a slight increase compared to $16.61 at Q4 2023. Comparative properties NOI (“CP NOI”) incr
Slide 9: Experienced Management Team
Dream Industrial REIT Experienced Management Team @ y~< a r {4 Alex Sannikov Lenis Quan Bruce Traversy Kimberley Hill President & CEO CFO clo SVP, Customer Solutions r= - a Dan Fletcher Andrew Cunningham Matthew Virgini Shane Henke Sjoerd Barmentloo SVP, Portfolio Management VP, Portfolio Management
Slide 10: 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 11: Growth Drivers
Loděnická 963, Pohořelice, Czech Republic
Slide 12: Strategy Focused on Multiple Drivers of Growth
Dream Industrial REIT Strategy Focused on Multiple Drivers of Growth Urban Portfolio with Embedded Upside Embedded mark-to-market potential Contractual rent growth Vacancy lease up Sh Development and Intensification Near-term development pipeline Excess density on existing land A “Sy Ancillary Reven
Slide 13: Strong Outlook for Organic Growth
6 Dream Industrial REIT ©) Strong Outlook for Organic Growth rong mark-to-marke otentia i occupanc evels 0 st k-to-market potential @ High level $17.50 100.0% +34.0% i 98.9% $15.00 C$14.12 98.2% 98.0% $1250 C$10.54 96.2% . 2% $10.00 96.0% 95.8% +7.3% $70 €5.64 € 6.05 94.0% $5.00 92.0% $2.50 Canada E
Slide 14: Robust Industrial Fundamentals Have Supported Strong Rental Rate Growth
© Dream Industrial REIT Robust Industrial Fundamentals Have Supported Strong Rental Rate Growth ©) In local currency Significant growth in market rents 16.00 14.00 4 12.00 10.00 4 Pe) 3% $13.94 $14.12 s1.A% 65.65 ©5.96 €6.05 Canada Europe mQ4 2022 mQ42023 mO4 2024 Since the end of 2022, market rents
Slide 15: Strong Outlook for Organic Growth - Lease Maturities and Rents by Market
6 Dream Industrial REIT Strong Outlook for Organic Growth - Lease Maturities and Rents by Market Ontario $16.46 Estimated Regional 2,400 Market Rent $9.70 2,000 $8.75 e e 1,600 1,620 1,200 800 1,030 400 ie) 2025 2026 Expiring Area (000s sf) Western Canada 1,200 $9.65 Estimated Regional 1,000 Market
Slide 16: Strong Organic Growth and Diluted FFO per Unit Driven by Rental Growth
6 Dream Industrial REIT Strong Organic Growth and Diluted FFO per Unit! Driven by Rental Growth = Change in weighted average occupancy mam Diluted FFO per Unit’ Average Net Total Debt-to-Total Assets ™ Change in in-place base rent c ts +4.6% 14.0% g9.39 - (Net of Cash and Cash Equivalents) ; 50% 202
Slide 17: Poised For Strong Rental Rate Growth on Lease Roll-over
6 Dream Industrial REIT Poised For Strong Rental Rate Growth on Lease Roll-over 100% Percentage of overall portfolio of GLA 80% 60% 40% 20% 0% ai” be | Via a ate 2025 2026 2027 2028 2029 mExpiries- Canada _ m™Expiries - Europe Committed GLA 100% 80% 60% 40% 20% =i Committed Occupancy Retention Ratio
Slide 18: Development Strategy
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; acquired a 32-acre site in Brampton, ON, for $20M at our share, with p
Slide 19: Capital Investments in Clean Power
Dream Industrial REIT Capital Investments in Clean Power 23 Projects substantially complete and under management 43,000 Solar panels installed globally $25M Estimated cost of completed and substantially completed projects 21 MW System capacity of completed projects 12% Estimated yield on cost of com
Slide 20: Private Capital Partnerships
© Dream Industrial REIT Private Capital Partnerships 4 35M SF Partnerships GLA Dream Summit Joint Venture JV between Dream Industrial REIT and GIC which acquired Summit Industrial Income REIT in a transaction valued at $5.9 billion. Since inception, the JV subsequently acquired an additional $0.9 bi
Slide 21: Alternative Uses
Dream Industrial REIT @ Alternative Uses rT t B Data Centres [; emp ere Caiicllics =T=T =) 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 identifie
Slide 22: Portfolio Highlights
Portfolio Highlights 41 Chrislea Road, Vaughan
Slide 23: 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 Europe $93 Europe uz6 9% ge $1,932 20% 53% Canada Canada $1,664 $899 80% N% 53.4M 215 2,954 12.0M 79 742 6.
Slide 24: Urban Industrial Portfolio - Greater Toronto Area
Dream Industrial REIT 2) Urban Industrial Portfolio - Greater Toronto Area Caledon East vod Mayfield West ‘Gh 7 oe 4 8.9MSF 99Properties 3.6yWALT' 42% MTM? *Figures as at December 31, 2024. Represents subset of whollyowned portfolio that is classified as urban industrial ‘Represents weighted average
Slide 25: 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 26: Urban Industrial Portfolio - Calgary
6 Dream Industrial REIT Urban Industrial Portfolio - Calgary z > coraneate ‘i ¢ a L 7 i ’ / Se, "y % te rod 3 o~ SB a> a Cochrane. f * iN , Nolan Hill a / . i \ Bearspa ia f ) \ eo PX 2 | ¢ 4 ; =. = y? \ Sea fin ‘Strathmore ‘We tnen Fa x ‘a \ | Atwood Meadows j _olanggon J = 5 . ‘ P -- = ra =, < a o
Slide 27: Urban Industrial Portfolio - Western Europe
6 Dream Industrial REIT @ Urban Industrial Portfolio - Western Europe UNITED KINGDOM Peterborough Msi oti ed, | 10.7MSF 75Properties 43yWALT' 7% MTM?2 *Figures as at December 31, 2024. Represents subset of whollyowned portfolio that is classified as urban industrial ‘Represents weighted average leas
Slide 28: 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! Cold Storage Other Office 2% 5% Logistics 4% Other* 18% 28% Light industrial 20% Consumer Goods 13% Technology 5% Paper, Printing and Packagi
Slide 29: Top Tenants Consist of Renowned Global Companies
6 Dream Industrial REIT Top Tenants Consist of Renowned Global Companies 2.6% uchan Locistics 1 | A 1.3% » 1.1% oll, % of Gross Rent 0.9% ESM. 0.9% 0.9% rucnwesnacer (P) 0.9% h 08% tayco. Other Tenants 0.8% DML. 89.0% ° 0.8% 1 Kikis the owner of RLS Slovakia s.r.o., the tenant of the property Source
Slide 30: Financial Highlights
Robert-Koch-Strass 8, Winsen, Germany
Slide 31: Capital Structure: Mortgages, Unsecured Debt, Equity
Mortgages Unsecured Debt Equity
Slide 32: Strong and Flexible Balance Sheet
6 Dream Industrial REIT Strong and Flexible Balance Sheet @) Focused de-leveraging while upgrading portfolio quality improved financial flexibility m Ending Net Total Debt-to-Total Assets (Net of Cash and Cash Equivalents), 80% 60% 43.5% © fo) PS 36.0% 36.1% 31.3% 31.6% 31.7% 23.7% 20% a 2018 2019 2
Slide 33: Balanced Debt Maturity Profile Provides Significant Balance Sheet Flexibility
6 Dream Industrial REIT Balanced Debt Maturity Profile Provides Significant Balance Sheet Flexibility @) $1,200M 5 $869M $800M 4 7 : SOM Outstanding Balance at Maturity $450M $400M $964M $268M $742M undrawn revolving credit facility’ $80M cash and cash equivalents $822M available liquidity $250M acc
Slide 34: ESG Highlights
Venus 2, Heerenveen, Netherlands
Slide 35: ESG Highlights
6 Dream Industrial REIT ©) ESG Highlights nvironmental Social Governance 650,000 sf of LED lighting upgrades! Improved Financial Resiliency sue 52% High-quality, diverse global portfolio with an Over 1.5 Million sf of green building of managers are women" investment-grade balance sheet certification
Slide 36: Appendix
Stevinlaan 4, Ede, Netherlands
Slide 37: Development Projects
Kamerlingh Onnesweg 2-4a/Bessemerstraat 1-10, Dordrecht, Netherlands
Slide 38: Completed Projects
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
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
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
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
6 Dream Industrial REIT @ Greenfield Projects Substantially Completed 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 site coverage of 4
Slide 43: Greenfield Projects Substantially Completed
6 Dream Industrial REIT ©) Greenfield Projects Substantially Completed Rocky View County, Greater Calgary Area Construction is substantially complete at the 50- acre property located just outside of Calgary Site supports a cluster of two buildings with total area of 650k sf and site coverage of 43%
Slide 44: Greenfield Projects Completed
Greenfield Projects Completed Site Overview Completed Project Abbotside Way, Reached substantial completion during Q2 2023. Multi-tenant asset, fully leased 8-acre land parcel in Caledon supports a LEED certified ~154,000 sf logistics building Achieved yield on cost of approximately 7.1%
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 on a 2'racre site with 20% site coverage Final project will consist of two new industrial buildings totaling ~389,000 square feet, optimizing site coverage
Slide 47: Forward Looking Information
) Forward Looking Information This investor presentation may contain forward-looking 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 objectives; the Trust's expectations r
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 IFRS Accounting Standards as issued by the International Accounting Standards Board (“IFRS”). In this investor presentation, as a complement to results pr
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