Dream Unlimited Corp. Class A · TSX:DRM
Dream Unlimited Corp. Class A — Dream Office REIT — Investor Presentation (August 2022)
29 slides from Dream Unlimited Corp. Class A's investor presentation, August 2022
Slide 1: Dream Office REIT Investor Presentation August 2022
Dream Office REIT Investor Presentation August 2022
Slide 2: Total assets and square feet of Toronto downtown office space
Total assets square feet of Toronto ) Downtown office space(2)
Slide 3: Why Toronto?
Dream Office REIT 5 Why Toronto? © 3rd j ; Largest Financial Services Centre in North America Ho me to ~4O % of Canada’s Business Headquarters - HQ of Canada’s Largest Stock Exchange - Home to Five of Canada’s Six Largest Banks #1 Fastest Growing City in Tech Employment in North America of Canada’s
Slide 4: Portfolio of properties
Note 1 – properties under development and joint ventures that are equity accounted as at June 30, 2022.
Slide 5: Portfolio is Primarily Comprised of Assets in Downtown Toronto
5 Portfolio is Primarily Comprised of Assets in Downtown Toronto Fair Value by GLA by Region . Se Region Other Markets Other Markets ($0.5B), 18% (2.0MM sf), 37% Toronto Downtown (3.4MM sf), 63% Toronto Downtown ($2.1B), 82%
Slide 6: Creating Shareholder Value Through Unit Repurchases Below NAV
Dream Office REIT 5 Creating Shareholder Value Through Unit Repurchases Below NAV 70,000,000 60,000,000 50,000,000 [ 40,000,000 30,000,000 20,000,000 10,000,000 | a AA a 2& A e PP VP VP DM MD th gh @ Cumulative units repurchased under NCIB @ Units repurchased under SIB @ Cumulative weighted average
Slide 7: Ownership as at August 2022
* Ownership as at August 2022.
Slide 8: Well-Capitalized Balance Sheet and Staggered Debt Maturities
Dream Office REIT Well-Capitalized Balance Sheet and Staggered Debt Maturities 42.3% Leverage* 350 @ Mortgages @ Revolving Credit Facilities $258M 300 Available Liquidity* 250 — $137M #00 Unencumbered Assets* 150 27.7% me Variable Debt Exposure 3.66% ° 2022 2023 W.A. Face Rate of Interest 2024 2025
Slide 9: Strong Leasing Momentum with Elevated Rents
bP Strong Leasing Momentum with Elevated Rents @ Our near-term leasing and debt maturity profiles are very manageable. Q2 Leases * In Q2 2022, we executed leases totaling approximately 155,000 sf across our portfolio. 136,000 square feet of leases in Toronto downtown were executed at rents 47.6% hig
Slide 10: Valuation metrics as at Q2 2022
As at Q2 2022 ** DIR.UN unit Price as at August 3, 2022.
Slide 11: Revenue by Tenant Industry
» Dream Office REIT aH) = Revenue by Tenant Industry Estimated Annualized Gross Rental Revenue by Tenant Industry 4.0% 4.8% 5.8% gi = Professional Services and Management 6.4% 33.8% = Finance and Insurance Government and Government Agencies = Health Care and Social Assistance Real Estate and Constru
Slide 12: Top Tenants
Dream Office REIT 5 Top 10 Tenants Rank | Tenant % of Rent* Investment 1 PP ontario Government of Ontario 11.1% Vv 2) Bl Sresna™ Government of Canada 8.3% Vv 3 7) Eymanyari Five International Financial Data Service 3.4% - 4 & suaresrmeer State Street Trust Company 3.3% Vv 5 (bank. U.S. Bank National
Slide 13: Property details
All figures at 100% share. Note 1 - Gross Floor Area
Slide 14: Bay Street Collection - Before and After
5 Bay Street Collection - Before and After Revitalizing our Bay Street collection adds significant value to our core Downtown Toronto assets. Before After
Slide 15: ESG Overview
a ESG Overview Prioritizing efficient and livable buildings has always been a part of our core values at Dream, which connects to our mission to Build Better Communities. Developing and maintaining high-quality, energy efficient office buildings has become a differentiator that allows us to appeal t
Slide 16: Environmental
» Dream Office REIT f Environmental Principles for Responsible Investment «PRI United Nations Principles for Responsible Investment” In 2021, D.UN achieved a five-star rating achievement in the Global Real Estate Sustainability Benchmark (GRESB)* real estate assessment. D.UN received a score of 91/1
Slide 17: Canada Infrastructure Bank Commitment
a Canada Infrastructure Bank Commitment CANADA INFRASTRUCTURE BANK Supporting Dream’s target to achieve net zero greenhouse gas (GHG) emissions by 2035 or sooner for all its operations and new developments, the Canada Infrastructure Bank (CIB) is committing up to $112.9 million under its Commercial
Slide 18: Sustainability - Select Scoreboard
i] Dream Office REIT | | Sustainability - Select Scoreboard Indicator Energy consumption (ekWh) Total GHG emissions (tCO,e) Water consumption (m2?) Waste diversion Percentage of portfolio with a green building certification Target 10% reduction of energy consumption by 2025 (v. 2019 base) 20% reduct
Slide 19: Social & Governance
Dream Office REIT af Social & Governance Untitled, by up and coming artist Jorian Charlton at 330 Bay Street. The piece is part of ArtworxTO’s Year of Public Art, through the initiative Project Reframed, which aims to highlight and empower local, emerging BIPOC y artists. Ham By)" y a The stunning a
Slide 20: Investment in Alate - Using Technology to Rethink Real Estate
Dream Office REIT Investment in Alate - Using Technology to Rethink Real Estate Alate Partners Dream Office REIT, along with Dream Unlimited, entered into a strategic partnership with Relay Ventures to create Alate Partners to invest in technology companies that are rethinking how real estate is des
Slide 21: COVID-19 Response - Unique Features of our Downtown Toronto Assets
Dream Office REIT COVID-19 Response - Unique Features of our Downtown Toronto Assets Smaller Floor Plate Tenants can easily lease the entire floor and do not have to share space or bathrooms with others Lower Rise Buildings Very Well Located Our lower-rise office buildings have a smaller number of p
Slide 22: 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 regarding our objectives and strategies to achieve those objectives; our ability to increase the desirabilit
Slide 23: Contact us
dream 1. office REIT Feel free to contact us should you have any questions Michael J. Cooper Jay Jiang Chairman & CEO CFO (416) 365-5145 (416) 365-6638 mcooper@dream.ca jjiang@dream.ca
Slide 24: Appendix I: Management Team
Dream Office REIT 5 Appendix |: Management Team © \¥, Michael J. Cooper Chairman & CEO Service: 26 Years Industry Experience: 34 Years Jay Jiang CFO Service: 8 Years Industry Experience: 15 Years Gordon Wadley COO Service: 11 Years Industry Experience: 17 Years
Slide 25: Appendix II: Diverse and Independent Board
Dream Office REIT 5 Appendix Il: Diverse and Independent Board 9308 Amar Bhalla Donald Charter Michael J. Cooper Jane Gavan Independent Independent Wy, The Hon. Dr. Kellie Leitch Karine Maclndoe Qi Tang Independent Independent Independent
Slide 26: Appendix III: History
Dream Office REIT 5 Appendix Ill: Dream Office REIT History 24% IRR™ delivered to unitholders since our creation in 2003. We grew Dream Office REIT quickly and in 2007, we saw an opportunity to crystalize a premium value, selling two-thirds of our business and returning more than 100% of our unithol
Slide 27: Appendix IV: DT Toronto Office Market Fundamentals
5 Dream Office REIT | | Appendix IV: DT Toronto Office Market Fundamentals Historical Vacancy and Absorption 14% @ Vacancy Rate ©@ Absorption 12% 10% gS s 7.3% 6.9% A% 6% 5.2% 5.0% 4% 3.7% 2% 0% Vacancy (%) 3.7% 2.7% 2.2% 11.9% 2009 2010 2011 2012 2013 201% 2015 2016 “Vacancy figures representative
Slide 28: Appendix V: DT Toronto Office Market Fundamentals
5 Dream Office REIT | | Appendix V: DT Toronto Office Market Fundamentals Historical Class A Vacancy & Rent Growth* 12% 5 10% 8% | 6% | Vacancy (%) 4% 4 2% 4 0% + 0209 = QO210 Q211 Q212 Q213 Q214 mmm Downtown Office (Vacancy - Class A) 2022 data updated as at Q2 2022 *Source: CBRE Q2 15 Q216 Q217 Q2
Slide 29: Appendix VI: Toronto is the Fastest Growing City for Tech Employment
*Source: CBRE 2022 Scoring Tech Talent. U.S. Bureau of Labor Statistics (April 2022), Statistics Canada (2021). Dream Office REIT Appendix VI: Toronto is the Fastest Growing City for Tech Employment -40,000 ie) 40,000 80,000 88,900 Toronto Seattle Vancouver SF Bay Area Montreal Dallas / Ft.Worth Den
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