DREAM Unlimited Corp. Class A · TSX:DRM
DREAM Unlimited Corp. Class A — Dream Industrial REIT — Investor Presentation (November 2023)
42 slides from DREAM Unlimited Corp. Class A's investor presentation, November 2023
Slide 1: Dream Industrial REIT Investor Presentation November 2023
Dream Industrial REIT Investor Presentation November 2023
Slide 2: Presentation Overview
Presentation Overview Section 1 Section 2 Section 3 Section 4 Our Company & Strategy Business Update Credit Highlights ESG Highlights
Slide 3: Our Company & Strategy
Exportweg 2–20, Waddinxveen, Netherlands
Slide 4: Company Snapshot
6 Dream Industrial REIT Company Snapshot Dream Industrial REIT TSX: DIR.UN Dream Industrial REIT (DIR) owns, operates and manages a $7.9 billion diversified portfolio of well- located industrial real estate across Canada and Europe, including a $0.3 billion equity interest ina private U.S. industria
Slide 5: Our Strategy
6 Dream Industrial REIT @) Our Strategy Global Acquisition Platform Local on the ground teams with a strong track record of sourcing attractive industrial opportunities across North America and Europe ey ee Improve Portfolio Quality Development & Intensification Build prime assets in core markets an
Slide 6: Multiple Drivers of Value-Creation
© 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 potential High occupancy level of ~97% Robust leasing momentum at solid rental spreads Embedded contractual rent steps and indexation
Slide 7: Focus on Modern, Functional & Well-located Urban & Distribution Assets
Dream Industrial REIT Focus on Modern, Functional & Well-located Urban & Distribution Assets Distribution’ 54% of IP Value Europe $1,888 53% Canada $1,698 47% 51.7M 191 2,882 Square feet Assets Acres Stuttgart, Germany Blois, France Urban Logistics! 32% of IP Value Light Industrial! 14% IP Value Eur
Slide 8: Business Update
Mortgages Unsecured Debt Equity
Slide 9: Q3 2023 Financial Highlights
6 Dream Industrial REIT @) Q3 2023 Financial Highlights Diluted FFO per Unit! increased 1 0.4% year-over-year in Q3 2023, increase was driven by strong organic growth, strong Li] leasing momentum and growing property management income from the U.S. Fund and Dream Summit JV. Comparative properties NO
Slide 10: Acquisition of Summit Industrial Income REIT in Partnership with GIC
6 Dream Industrial REIT Acquisition of Summit Industrial Income REIT in Partnership with GIC + Increased exposure to Canada where the industrial market has experienced record low-vacancy levels, with Adds scale and quality to total owned and managed portfolio of over 43 million square feet * DIR has
Slide 11: ESG Highlights
6 Dream Industrial REIT @ ESG Highlights vironmental Social Governance Over 1.2 Million sf Developed ESG Framework of LED lighting upgrades! Outlining key milestones and initiatives with executive compensation linked to metrics an: 53% i Pp ion linked to ESG- i id of managers are women? deliverables
Slide 12: Strong Track Record of Disciplined Capital Allocation
6 Dream Industrial REIT (@) Strong Track Record of Disciplined Capital Allocation Since 2018, acquired more than $4.1 billion of higher quality assets that are located in better markets with higher growth potential, and recycled approximately $284 million of non-core assets Increased NAV per Unit! b
Slide 13: Experienced Management Team
Dream Industrial REIT ® Experienced Management Team an fh de. Brian Pauls Alex Sannikov Lenis Quan Bruce Traversy CEO President § COO CFO EVP, Head of Investments Joe ladeluca Kimberley Hill Victor Settino Sharlene McKillop Karen Hon SVP, Portfolio Management, SVP, Portfolio Management, VP, Developm
Slide 14: Mesonweg, Utrecht, Netherlands
6 Mesonweg, Utrecht, Netherlands
Slide 15: Robust industrial fundamentals continue to drive strong rental rate growth
Dream Industrial REIT Robust industrial fundamentals continue to drive strong rental rate growth In local currency Significant growth in market rents 18.27 $13.83 $13.84 Canada Europe mQ3 2022 mQ2 2023 mQ3 2023 Year-over-year market rents have grown by 18% in Canada, led by 22% in Ontario and 21% in
Slide 16: Strong Outlook for Organic Growth
6 Dream Industrial REIT Strong Outlook for Organic Growth 1] Strong mark-to-market potential 2] High occupancy levels $17.50 TRA 100% ge pants 460 pasis P' $16.00 $13.84 : 99% : 99% ° $12.50 98% $10.00 98% 97% $7.50 97% $5.00 96% 96% ee = Canada Europe 95% mIn-place and committed base rent (psf) _™
Slide 17: Increasing Pace of Organic Growth Drives Strong Diluted FFO per Unit
6 Dream Industrial REIT @ Increasing Pace of Organic Growth Drives Strong Diluted FFO per Unit lm Diluted FFO per Unit! mam Change in weighted average occupancy mami Change in in-place base rent —— Average Net Total Debt-to-Total Assets (Net of Cash +10.4% and Cash Equivalents) ® —— YoY CP NOI growt
Slide 18: Poised For Strong Rental Rate Growth on Lease Roll-over
6 Dream Industrial REIT Poised For Strong Rental Rate Growth on Lease Roll-over 1% - 100% 100% 80% - 80% 60% 4 183% | 60% Percentage of overall portfolio of GLA 40% + 40% 20% + ° pos ges Bee BD 0% — 20% 2023 2024 2025 2026 2027 HExpiries- Canada m™Expiries - Europe mam Committed Occupancy Retention
Slide 19: Development Strategy
6 Dream Industrial REIT Development Strategy . yarn Redevelopment of existin Greenfield development Intensification of excess land properties 25% interest in $1.5B GTA develop-to-hold joint venture with global sovereign wealth fund Acquired a 20 & 50-acre site in the Balzac sub-market in Calgary; ex
Slide 20: Credit Highlights
4 Zoete Inval, Breda, Netherlands
Slide 21: Strong and Flexible Balance Sheet
6 Dream Industrial REIT Strong and Flexible Balance Sheet @) Focused de-leveraging while upgrading portfolio Shift to unsecured financing model significantly improved financial flexibility ™ Ending Net Total Debt-to-Total Assets (Net of Cash and Cash mam Unencumbered investment properties pool’ Equi
Slide 22: Limited Near-Term Cash Obligations Provide Significant Balance Sheet Flexibility
6 Dream Industrial REIT ®) Limited Near-Term Cash Obligations Provide Significant Balance Sheet Flexibility $1,200M - 3.0 2.33% years WAIR2 WATM! $712M $800M $643M -=-4 S624M | $478M to too 4OOM 4 ! . $301M Som SOM 2023 2024 2025 2026 2027 2028+ m@ Unsecured ™ Secured GAnnual Extension Options on Ex
Slide 23: Emil-Lux-Str. 1, Wermelskirchen, Germany
Emil-Lux-Str. 1, Wermelskirchen, Germany
Slide 24: 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 1% 4% Logistics . 21% Office Other* 5% 23% Light Industrial 19% Technology Distribution and 5% Consume! Goods Warehousi
Slide 25: Top Tenants Consist of Renowned Global Companies
6 Dream Industrial REIT Top Tenants Consist of Renowned Global Companies Auchan 2.5% 1.1% wD, | rnc. 1.0% _ESM_ 0.9% kik 0.9% xvennernaces GP) 0.8% amazon os% Lael Other Tenants 0.8% >> ID Freight y = 89.4% 0.8% % of Gross Rent 1 GIENOW 1 Kikis the owner of RLS Slovakia s.r.o., the tenant of the pro
Slide 26: ESG Highlights
is fa bah — aa Ss Eicesiis - aan ‘SmgmEE ‘SESE + sEnE Stet SHEESH SRECGHE L - cr Seat es oT ALS. TLE Highlights ESG
Slide 27: Significant Initiatives to Enhance Sustainability Profile
6 Dream Industrial REIT Significant Initiatives to Enhance Sustainability Profile NET ZERO ASSET MANAGERS INITIATIVE As part of the Dream group of companies’ commitment, DIR is supporting the Net Zero Asset Managers (NZAM) _ Initiative, which is a _ group of international asset managers committed to
Slide 28: Capital Investments in Clean Power
6 Dream Industrial REIT Capital Investments in Clean Power Calgary, Alberta Duiven, Netherlands Calgary, Alberta 12 megawatts of solar panel projects completed in Alberta and the Netherlands; total project cost of ~$14 million with expected unlevered return of ~8% Seven completed solar projects in A
Slide 29: Green Financing
Dream Industrial REIT Green Financing \ Guldenweg 6, Varsseveld, Netherlands (BREEAM Very Good) Published 2022 Sustainability Report with the Dream group of companies and completed second annual Global Real Estate Sustainability Benchmark (GRESB) disclosure, achieving an above-peer group average sco
Slide 30: Stevinlaan 4, Ede, Netherlands
Stevinlaan 4, Ede, Netherlands
Slide 31: Exportweg 2–20, Waddinxveen, Netherlands
Exportweg 2–20, Waddinxveen, Netherlands
Slide 32: Completed Projects: Radeberg, Germany
pe ad SF Completed Projects @ Christoph-Seydel-StraBe 1, Radeberg, 274,000 square foot logistics facility on 30.4 acres located in Radeberg, Germany, adjacent to Dresden with 24’ clear height Site Overview Increased property’s footprint by 241,000 square foot with 34’ clear height, improving site de
Slide 33: Completed Projects: 100 East Beaver Creek
© Dream Industrial REIT Completed Projects Site Overview aol Boe = ae 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 Si
Slide 34: Completed Projects: 401 Marie Curie Boulevard
© Dream Industrial REIT Completed Projects Site Overview Expansion Progress 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% Increase
Slide 35: Completed Projects: Blaise Pascal
6 Dream Industrial REIT Completed Projects Site Overview Afsondoooo0oG 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 square fe
Slide 36: Greenfield Projects Underway: Cross Roads Commercial
© Dream Industrial REIT Greenfield Projects Underway Project Rendering Cross Roads Commercial Greater Calgary Area Construction is underway at the 20-acre property located just outside of Calgary Site will support cluster of two net zero ready buildings with total area of 343k sf and site coverage o
Slide 37: Greenfield Projects Underway: Rocky View County
© Dream Industrial REIT Greenfield Projects Underway Project Rendering Rocky View County, Greater Calgary Area Construction is underway at the 50-acre property located just outside of Calgary Site will support cluster of two buildings with total area of 650k sf and site coverage of 48% Construction
Slide 38: Greenfield Projects Substantially Completed
Greenfield Projects Substantially Completed Site Overview Completed Project Abbotside Way, Reached substantial completion during Q2 2023. Multi-tenant asset partially leased to a logistics user with lease commencing in Q3 2023. 8-acre land parcel in Caledon that can support a LEED certified ~154,000
Slide 39: Redevelopment Projects Underway: Courtney Park
Redevelopment Projects Underway Project Rendering Courtney Park, Redevelopment work has commenced on distribution facility in the Greater Toronto Area comprised of a cluster of three buildings Situated on 10 acres of land in the Mississauga area Opportunity to build a high-quality, net zero ready lo
Slide 40: Redevelopment Projects Underway: Water Street
Redevelopment Projects Underway Water Street, Existing 210,000 square feet facility was built in 1956 and sits on a 24-acre site with 20% site coverage Final project will consist of two new industrial buildings totaling ~389,000 square feet, optimizing site coverage to 37% Construction commenced in
Slide 41: Forward Looking Information
) Forward Looking Information This investor presentation may contain forward-looking information within the meaning of applicable securities legislation. Such statements include, but are not limited to, statements with respect to Dream Industrial REIT’s (the “Trust”) objectives and strategies to ach
Slide 42: 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 with International Financial Reporting Standards (“IFRS”). In this investor presentation, as a complement to results provided in accordance with IFRS, the
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