Dream Industrial Real Estate Investment Trust · TSX:DIR.UN
Dream Industrial Real Estate Investment Trust — Shareholder Meeting (June 2025)
30 slides from Dream Industrial Real Estate Investment Trust's shareholder meeting presentation, June 2025
Slide 1: AGM 2025
Slide 2: Welcome and Call to Order
dream @ industrial REIT Welcome and Call to Order Appointment of Chair, Secretary and Scrutineers for Meeting Notice of Meeting Business of the Meeting - Financial Statements and Auditor’s Report - Election of Trustees - Appointment of Auditor Conclusion of the Meeting Chair’s Remarks Management Pre
Slide 3: Vincenza Sera, Chair of the Board
Vincenza Sera Chair of the Board
Slide 4: Alex Sannikov, President & Chief Executive Officer
Alex Sannikov President & Chief Executive Officer
Slide 5: Our Industrial Platform
Dream Industrial REIT Our Industrial Platform $78 $8B Dream Industrial Private Partnerships Investment Properties Investment Properties \ } Y S15B+ Industrial Platform 72.6M SF 4,174 acres 336 GLA Site Area Assets *As at March 31, 2025 Includes owned and managed properties in equity accounted invest
Slide 6: Portfolio Snapshot
Dream Industrial REIT Portfolio Snapshot German Western ai asee Canada 4.2M SF 56 assets 111M SF Netherlands Québec 54 assets 10.9M SF Eastern Canada 1 asset 0.2M SF + 28% interest in Ontario 46 assets 7.1M SF France 9 assets 3.5M SF Spain 7 assets 1.4M SF 119 assets private U.S. 2.0M SF Czech Repub
Slide 7: Our Strategic Growth Drivers
Dream Industrial REIT ® Our Strategic Growth Drivers Development & Intensification Private Capital Ancillary Revenue Partnerships Strategic components are underpinned by our strong and flexible balance sheet and ample liquidity
Slide 8: Track Record of Value Creation
Dream Industrial REIT Track Record of Value Creation Successful execution of our corporate strategic pillars have delivered strong returns for unitholders +7% +9% NAV per Unit! CAGR Diluted FFO per Unit? CAGR $0.98 $1.00 $1.00 $0.89 $16.97 $16.61 $16.79 $0.81 5 $0.80 $0.71 15.13 - $0.60 $12.5! $0.40
Slide 9: Track Record of Value Creation
Dream Industrial REIT @) Track Record of Value Creation Successful execution of our corporate strategic pillars have delivered strong returns for unitholders +6% +9% +6% CP NOI CAGR Canadian Portfolio European Portfolio Rental Rate CAGR Rental Rate CAGR 12.0% 11.3% $12.00 . ; $10.54 $9.54 10.0% 9.6%
Slide 10: Focus on Modern, Functional and Quality Assets
Dream Industrial REIT Focus on Modern, Functional and Quality Assets ° VY . . . What is Urban Urban/Last Mile Logistics Y 10S (Industrial Outside Storage) Y Light Industrial Industrial? Men B & Well-located in urban Suitable for warehousing, light May service a network of last centres or nearby asse
Slide 11: Urban-Focused Industrial Portfolio
Dream Industrial REIT Urban-Focused Industrial Portfolio @ Dream Industrial ©@ Dream Summit Industrial 23.9M se AN 21 Ly Properties Fergus < 3 3 Elmira = cuctptilore & St aco Q — Guetpx MEI Q 0 & KITCHENER = 5 @ New Dundee CAMBRIDGE Ayr |__gGlen Morris s *Figures as at March 31, 2026. Rockwood ° 3 _
Slide 12: Urban-Focused Industrial Portfolio
Dream Industrial REIT (12) Urban-Focused Industrial Portfolio 9 Repentienv @ Dream Industrial 9 9 0 Mle Pen © Dream Summit Industrial Terrebonne oe 5 6 Yo Availability nville Bois-des-Filion Lorraine _Saint-France 10.5M s 9 0.9% Supply as % of inventory Sainte-Thérése 7 3 nt-Charles, Rosemére 9 ‘oy
Slide 13: Urban-Focused Industrial Portfolio
Dream Industrial REIT (ss) Urban-Focused Industrial Portfolio @ Dream Industrial @ Dream Summit Industrial Balzac i iii 6.3% Availability lolan Hill 6 2 M Redstone e SF Panorama Hills 1 2 of 9 . g e O Supply as % of inventory & det (207) | . MacEwan Glen 4 8 1 Properties & ro) Saddle Ridge ° Calgary
Slide 14: Urban-Focused Industrial Portfolio
Dream Industrial REIT Urban-Focused Industrial Portfolio Le, 607260 Wielkopolski Ge fot C “A - Me, i Gf stemoer Sutin » ,Osnabriick _ Braunschweig J t Hildesheim salzgitter Magdeburg “monster gabieeeld wm we | €F PS Geersion % q sip atamm Paderborn’ gy et Pome Gottingen Halle (Saale) Hagen om lei =e
Slide 15: Urban Portfolio with Embedded Upside
Dream Industrial REIT Urban Portfolio with Embedded Upside * As at March 31, 2025. $17.50 $15.00 $13.99 $10.00 $7.50 €5.76 €6.08 $5.00 $2.50 $0.00 Canadian portfolio European portfolio Sin-place rent (psf) ™ market rent (psf) + + 3.1% CPI Indexation Average contractual annual rental In Europe, 85% o
Slide 16: Healthy Leasing Volume and Spreads
Dream Industrial REIT Healthy Leasing Volume and Spreads Transacted Leasing Recent Leasing Highlights GLA Rental rate (thousands of sf) spread W3KSF +124% vs New Lease Prior Rent Ontario 237 66% Quebec 319 58% 81KSF +83%vs Renewal Prior Rent Western Canada 529 11% 40% with 3.4% 251KSF +36%vs Canada
Slide 17: Courtneypark, ON / Helmond, Netherlands
Helmond, Courtneypark, ON Netherlands Abbotside, Balzac, AB Caledon Balzac, AB Water Street, ON
Slide 18: CrossIron Distribution Centre, Balzac
Dream Industrial REIT Crosslron Distribution Centre, Balzac 650KSF 449.1 40’ Clear Height GLA Acres
Slide 19: Private Capital Partnerships
Private Capital Partnerships Dream Summit Joint Venture GTA Land Venture U.S. Industrial Fund Canadian Industrial Joint Venture
Slide 20: Highly Scalable Property Management Platform
Dream Industrial REIT Highly Scalable Property Management Platform Potential to continue growing accretive and recurring revenue stream as we execute on organic NOI growth drivers within our partnerships 16.0 $12.0M = 12.0 $11.2M @ 6 = $9.1M & g 8.0 oO rs = a - 2 0 $3.6M (0.6M $0.0M $i 0.0 Es 2023 2
Slide 21: Ancillary Revenue Sources
o Dream Industrial REIT @) Ancillary Revenue Sources Ongoing Projects a x ¢ es tees se; Solar EV Charging LED Lighting = ¥ 3 ge Data Centre / Powered Land CellTowers Cold Storage Self Storage
Slide 22: Capital Investments in Clean Power
Dream Industrial REIT (2) Capital Investments in Clean Power 22 MW 46,000 11% System capacity of Solar panels installed globally Estimated yield on cost of completed projects completed projects Tech Park, Netherlands Medium-Term Pipeline 4 80 $100M+ | 8%-10% Projects under construction Projects unde
Slide 23: Assessing Significant Power Potential
Dream Industrial REIT (23) Assessing Significant Power Potential Short-listed Markets DUSSELDORF FRANKFURT CALGARY MADRID TORONTO Site selection criteria Proximity to fiber/existing Access to additional power in Zoning and environmental Site area data centres the near-to-medium term regulations
Slide 24: Lenis Quan, Chief Financial Officer
Lenis Quan Chief Financial Officer
Slide 25: Flexible Balance Sheet with Ample Liquidity
Dream Industrial REIT () Flexible Balance Sheet with Ample Liquidity BBB (mid) Investment Grade Credit Ratin Available Liquidity! g + Additional $250M Accordion $ 75 1 M 0 Net Total Debt-to-Total Assets 1) 31% (Net of Cash and Cash Equivalents)? 36.9 % Net Total Debt-to-Normalized Adjusted EBITDA ra
Slide 26: Balanced Debt Maturity Profile
Dream Industrial REIT Balanced Debt Maturity Profile $1,200M $964M $869M $800M $450M g00M $400M $268M $S14M SoM = —— 2025 2026 2027 2028 2029 2030+ Bonds = Mortgages Bank Term Loans [J Maturities Addressed [lJ Green Bonds Outstanding Balance at Maturity Well-staggered debt maturities provide strong
Slide 27: Balanced Debt Maturity Profile
Dream Industrial REIT @) Balanced Debt Maturity Profile $1,200M 5 2 $978M 3 ie} = $800M . 2.6 Years 666M . 8 Weighted average fe} . 3 term to maturity an $450M $450M 5 suoom $#00M 2 3 3 2 of 3 2.78% S14M Weighted average SoM = g g 2025 2026 2027 2028 2029 2030+ face interest rate ™ Bonds ™ Mortgages
Slide 28: Sustainability Initiatives
Dream Industrial REIT Sustainability Initiatives «All x | Green Bonds one Green Buildings $850M of green bonds issued to date with over $708M of eligible projects deployed as at December 31, 2023 7.1M SF of certifications completed to date including existing buildings, expansions and new development
Slide 29: Thank you
dream @ industrial RE Thank you
Slide 30: Forward-Looking Information
Dream Industrial REIT Forward-Looking Information Forward-Looking Information This presentation may contain forward-looking information within the meaning of applicable securities legislation. Forward-looking information generally can be identified by the use of forward- looking terminology such as
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