Dream Unlimited Corp. Class A · TSX:DRM
Dream Unlimited Corp. Class A — Dream Office REIT — Investor Presentation (November 2025)
33 slides from Dream Unlimited Corp. Class A's investor presentation, November 2025
Slide 1: Investor Presentation November 2025
1| Investor Presentation TSX:D.UN November 2025
Slide 2: Dream Office REIT Overview
2| Dream Office REIT Overview Dream Office REIT (the “Trust” or “Dream Office”) is a premier office landlord with over 4.0 million square feet owned and managed in Downtown Toronto. We have carefully curated an investment portfolio of high -quality office assets in irreplaceable locations. 81.7% 4.8
Slide 3: Why Toronto?
3| Dream Office REIT Why Toronto? 3rd (1) 94.9 (2) Largest labour force in North America Global Liveability Index score 3rd (3) ~20% (1) Largest tech -sector in North America Of Canada’s GDP 2nd largest ~40% (1) Of Canada’s business headquarters Financial Services Centre in North America call Toront
Slide 4: Recovering Office Utilization & Return to Office Policies
4| Dream Office REIT Recovering Office Utilization & Return to Office Polices Several major Canadian financial institutions have implemented return -to-office mandates in fall 2025, requiring employees to work in the office four days a week. These mandates are anticipated to increase utilization and
Slide 5: Downtown Toronto Market Showing Tangible Improvement
5| Dream Office REIT Downtown Toronto Market Showing Tangible Improvement Downtown Toronto vacancy is showing signs of improvement, supported by declining vacant sublease space and strong leasing activity. Additionally, active construction is declining and there were no new office construction start
Slide 6: A Carefully Curated Investment Portfolio of High-Quality Assets
6| Dream Office REIT A Carefully Curated Investment Portfolio of High -Quality Assets High concentration of well -connected assets in the Downtown Toronto portfolio: 6.1 years $1.7 billion 85.5% 83% weighted average in investment property in-place and committed exposure by fair lease term (1) fair v
Slide 7: Transformation of Our Portfolio (February 2016)
7| Dream Office REIT Transformation of Our Portfolio February 2016 166 Active properties Yellowknife 2% 23 million Owned sf Edmonton British 8% Columbia 5% Saskatoon 3% Calgary Atlantic 18% Canada 1% Regina 3% USA GTA 2% 45% Montreal 5% SW Ontario Ottawa 4% 4% Note: Exposure by fair value.
Slide 8: Transformation of Our Portfolio (September 2025)
8| Dream Office REIT Transformation of Our Portfolio September 2025 26 Income producing properties 4.8 million Owned sf Other Markets 17%* Downtown Toronto 83%* *Note: Exposure by fair value. Excluding properties under development, and joint ventures that are equity accounted as at September 30, 202
Slide 9: Strong Management Alignment Through Significant Insider Ownership
9| Dream Office REIT Strong Management Alignment Through Significant Insider Ownership ~33.7%* Investment in Dream Office REIT by Dream Unlimited Corp. and insiders In addition, Dream Unlimited Corp. manages Dream Office REIT’s developments and Dream Office REIT manages Dream Unlimited Corp.’s prope
Slide 10: Debt Maturity Schedule
10 | Dream Office REIT Debt Maturity Schedule 53.2% $146 million 4.96% Weighted Average Level of debt* Total liquidity* Face Rate of Interest The Trust has successfully addressed all of its 2025 mortgage maturities. The Trust’s 2026 maturities total $165.5 million across six mortgages. 600 500 400 3
Slide 11: Strong Leasing Momentum with Higher Rents
11 | Dream Office REIT Strong Leasing Momentum with Higher Rents Q3 YTD Leasing 2022 – 2025* 700,000 614,000 626,000 167,000 sf 600,000 Leases executed in Q3 551,000 538,000 500,000 400,000 $34.45 Weighted Average Initial Rent on Toronto Downtown leases executed in Q3 300,000 200,000 100,000 6.8 Yea
Slide 12: Ownership in Dream Industrial REIT
12 | Dream Office REIT Ownership in Dream Industrial REIT Dream Office REIT has a 2.6% interest in Dream Industrial REIT. Dream Industrial REIT owns and operates a diversified portfolio of high -quality industrial space in growing logistics markets primarily in Canada and Europe, supported by a mana
Slide 13: Estimated Annualized Gross Rental Revenue by Tenant Industry
13 | Dream Office REIT Estimated Annualized Gross Rental Revenue by Tenant Industry Dream Office REIT has a diversified tenant mix across industries including Finance, Insurance, Government, Professional Services, Healthcare, Real Estate and Retail. 3.9% 6.8% Professional Services and Management 8.4
Slide 14: Top 10 Tenants
14 | Dream Office REIT Top 10 Tenants Top 10 tenants make up approximately 32% of total annualized gross rent and 50% of our top tenants have credit ratings of A- or higher Investment Rank Tenant % of Rent* Grade 1 Government of Canada 5.8% 2 International Financial Data Services 4.1% - 3 Internat
Slide 15: Model Suite Program & Adelaide Place Leasing Progress
15 | Dream Office REIT Model Suite Program & Adelaide Place Leasing Progress Since 2024, majority of the lease transactions in Downtown Toronto were on spaces that were less than 10K sf*, with tenant appetite shifting towards smaller, high -quality, turnkey condition suites. In 2024, Dream Office RE
Slide 16: Properties Under Development Highlight: 67 Richmond St. W
16 | Dream Office REIT Properties Under Development Highlight 67 Richmond St. W Toronto, ON In 2022, we launched redevelopment of 67 Richmond. The ground floor is currently leased out to Daphne, a mid -century -inspired modern American restaurant occupying 6K sf of space (incl. 2K sf patio). Our tea
Slide 17: Properties Under Development Highlight: 606-4th Building
17 | Dream Office REIT Properties Under Development Highlight Current Future 606 -4 th Building 126K sf Office Building 166 -unit Purpose -Built Rental Calgary, AB With the redevelopment into a purpose - built rental, we aim to improve portfolio quality and occupancy through exposure to a strong ass
Slide 18: Future Development Potential
18 | Dream Office REIT Future Development Potential 250 Dundas St. West 212-220 King St. West 2200 Eglinton Ave. East Toronto, ONcertain conditions. Toronto, ONcertain conditions. Toronto, ONcertain conditions. Current Future Current Future Current Future 121,000 sf office 480,000 sf 1 mixed - 95,00
Slide 19: Prioritizing Efficient and Livable Buildings
19 | Dream Office REIT Prioritizing Efficient and Livable Buildings • Received Platinum -level recognition in 2024 from Green Lease Leaders for Team Transaction (designation is valid for 3 years) • Awarded Energy Manager of the Year by EM Honours 2025 Awards Program • Recognized by Association of En
Slide 20: Canada Infrastructure Bank and Sustainability-Linked Loans
20 | Dream Office REIT Canada Infrastructure Bank and Sustainability -Linked Loans Supporting Dream Office REIT’s target to achieve Sustainability -Linked Loans Scope 1 and Scope 2 net zero greenhouse gas (GHG) emissions* by 2035 or sooner, the Canada In September 2022, Dream Office REIT negotiated
Slide 21: Social and Governance
21 | Dream Office REIT Social and Governance The Dream Group of Companies’* goal is to be an inclusive employer that fosters a workplace where diversity is recognized as our strength and all employees enjoy equal opportunities to unlock their potential and grow their careers. We are committed to sou
Slide 22: Management Team and Board of Trustees
22 | Dream Office REIT Management Team and Board of Trustees Management Team Board of Trustees Michael J. Cooper Chairman & CEO Service: 28 Years Experience: 37 Years Amar Bhalla Donald Charter Michael J. Cooper Independent Independent Jay Jiang CFO Service: 10 Years Experience: 17 Years Jane Gavan
Slide 23: Bay Street Collection: Model Suites (67 Richmond St.)
23 | Dream Office REIT Bay Street Collection: Model Suites Model Suites 67 Richmond St.
Slide 24: Bay Street Collection: Model Suites (80 Richmond St.)
24 | Dream Office REIT Bay Street Collection: Model Suites Model Suites 80 Richmond St.
Slide 25: Bay Street Collection: Revitalizing our Core Downtown Assets (80 Richmond)
25 | Dream Office REIT Bay Street Collection: Revitalizing our Core Downtown Assets Bay Street Collection - Interiors 80 Richmond St. Exterior Conceptual rendering The Alleyway
Slide 26: Bay Street Collection: Revitalizing our Core Downtown Assets (350 Bay)
26 | Dream Office REIT Bay Street Collection: Revitalizing our Core Downtown Assets Bay Street Collection - Interiors 350 Bay St.
Slide 27: Bay Street Collection: Revitalizing our Core Downtown Assets (56 Temperance)
27 | Dream Office REIT Bay Street Collection: Revitalizing our Core Downtown Assets Bay Street Collection - Interiors 56 Temperance St. Exterior Conceptual rendering
Slide 28: Bay Street Collection: Revitalizing our Core Downtown Assets (360 Bay)
28 | Dream Office REIT Bay Street Collection: Revitalizing our Core Downtown Assets Bay Street Collection - Interiors 360 Bay St.
Slide 29: Bay Street Collection: Before and After
29 | Dream Office REIT Bay Street Collection: Revitalizing our Core Downtown Assets Bay Street Collection – Before and After 80 Richmond St. Exterior Conceptual rendering
Slide 30: Bay Street Collection: Fully Retrofitted Interior Space
30 | Dream Office REIT Bay Street Collection: Revitalizing our Core Downtown Assets Fully Retrofitted Interior Space 357 Bay St.
Slide 31: Curating a Destination in Downtown Toronto with Premium Restaurants
31 | Dream Office REIT Curating a destination in Downtown Toronto with Premium Restaurants 181 University | Opened November 2024 67 Richmond | Opened June 2023 Chop Steakhouse & Bar INK Restaurant - Daphne 150 York | Opened May 2023 330 Bay | Opened September 2024 Alo Bar Downtown Milos Restaurant
Slide 32: Feel free to contact us should you have any questions
Feel free to contact us should you have any questions Michael J. Cooper | Chairman & CEO (416) 365 -5145 mcooper@dream.ca Jay Jiang | CFO (416) 365 -6638 jjiang@dream.ca Gordon Wadley | COO (416) 365 -6564 gwadley@dream.ca
Slide 33: Disclaimer
33 | Dream Office REIT Disclaimer 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; the q
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