Dream Office Real Estate Investment Trust Class A · TSX:D.UN
Dream Office Real Estate Investment Trust Class A — Investor Presentation (August 2026)
30 slides from Dream Office Real Estate Investment Trust Class A's investor presentation, August 2026
Slide 1: Investor Presentation
1| Investor Presentation TSX:D.UN August 2026
Slide 2: Overview
Dream Office REIT 2 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. 90.0% 4.4
Slide 3: Why Toronto?
Dream Office REIT 3 Why Toronto? 3rd 94.9 largest labour force in Global Liveability North America 1 Index score 2 3rd ~20% 1 largest tech -sector in of Canada’s GDP North America 3 ~25% 2 nd largest 1 of Canada’s business Financial Services Centre in North America headquarters call - HQ of Canada’s
Slide 4: A Carefully Curated Investment Portfolio of High-Quality Assets
Dream Office REIT 4 A Carefully Curated Investment Portfolio of High -Quality Assets Dream Office now holds a high concentration of well -connected assets in Downtown Toronto: 6.0 years $1.7 billion 90.0% 84% weighted average in investment property in-place and committed of total portfolio lease ter
Slide 5: High Concentration of Assets in Toronto's Financial Core
Dream Office REIT 5 High Concentration of Assets in Toronto’s Financial Core 84% of our portfolio is concentrated in Toronto's Financial Core and lowest vacancy submarket, with each building located just steps away from transit lines. Dream Office Assets TTC Subway Line 1 TTC Subway Line 2 Downtown
Slide 6: Downtown Toronto Market Seeing Stronger Fundamentals
Dream Office REIT 6 Downtown Toronto Market Seeing Stronger Fundamentals Downtown Toronto vacancy is showing 6% signs of improvement, supported by 5% declining vacant sublease space and 4% robust leasing activity. Additionally, net rents remain high and steady. Active 3% construction is declining an
Slide 7: Downtown Toronto Occupancy Recovering with Longer WALTs
Dream Office REIT 7 Downtown Toronto Occupancy Recovering with Longer WALTs 83K sf $34.01 5.4 Years Weighted Average Initial Rent on Total leases executed in Q2 WALT on Toronto Downtown Toronto Downtown leases executed in 2026 across portfolio leases executed in Q2 2026 Q2 2026 + 62 0 bps +0.6 Year
Slide 8: Our Location and Quality is Driving Outperformance
Dream Office REIT 8 Our Location and Quality is Driving Outperformance 95% Dream Office Toronto Committed 90.0% Occupancy 90% 89.2% Toronto Class A* 85% 80% 75.0% Toronto 75% Class B* 70% Q2-22 Q2-23 Q2-24 Q2-25 Q2-26 *Source – CBRE. Downtown Toronto occupancy calculated as (100% - vacancy rate).
Slide 9: Diversified Tenant Mix Across Core Industries
Dream Office REIT 9 Diversified Tenant Mix Across Core Industries Dream Office REIT has a diversified tenant mix across industries including Finance, Insurance, Government, Professional Services, Healthcare, Real Estate and Retail. Annualized Gross Rental Revenue by Tenant Industry 3.3% 6.5% Profess
Slide 10: Top Tenants
Dream Office REIT 10 Top 10 Tenants Top 10 tenants have a weighted average lease term of 7.0 years and make up approximately 30% of total annualized gross rent. 40 % of our top tenants have investment grade credit ratings. Investment Rank Tenant % of Rent* Grade 1 Government of Canada 6.0% 2 Inter
Slide 11: Debt Maturity Schedule
Dream Office REIT 11 Debt Maturity Schedule 54.3% $178 million 4.99% Weighted Average Level of debt* Total liquidity* Face Rate of Interest As of June 30, 2026, the Trust’s remaining 2026 mortgage maturities totaled $8.0 million relating to a single mortgage for a property in Calgary. The Trust anti
Slide 12: Disposition of King Street West
Dream Office REIT 12 Disposition of 212 King Street West On June 15, 2026, the Trust completed the previously announced sale of 212 King Street West in Toronto, Ontario, for gross proceeds before adjustments of $39.5 million , or approximately $541 per square foot. The property carried an $18.0 mill
Slide 13: Downtown Toronto Leasing Program & Model Suites
Dream Office REIT 13 Downtown Toronto Leasing Program & Model Suites Since 2024, the majority of 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, we implemented a Model
Slide 14: Property Highlight – Richmond St. W
Dream Office REIT 14 Property Highlight – 67 Richmond 67 Richmond St. W Toronto, ON In 2022, we launched the redevelopment of 67 Richmond Street West. The ground floor is currently with a major technology tenant for a 10 -year term leased out to Daphne, a mid - century -inspired modern American rest
Slide 15: Properties Under Development Highlight – 4th Building
Dream Office REIT 15 Properties Under Development Highlight – 606 -4 th Building 606 -4 th Building Calgary, AB Through the conversion from an office building into a purpose -built rental in Downtown Calgary, we aim to improve portfolio quality and occupancy through exposure to a strong asset class.
Slide 16: Ownership in Dream Industrial REIT
Dream Office REIT 16 Ownership in Dream Industrial REIT Dream Office REIT has a 2.7% 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 manage
Slide 17: Strong Management Alignment Through Significant Insider Ownership
Dream Office REIT 17 Strong Management Alignment Through Significant Insider Ownership ~33.5%* 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 18: Management Team and Board of Trustees
Dream Office REIT 18 Management Team and Board of Trustees Management Team Board of Trustees Michael J. Cooper Chairman & CEO Service: 30 Years Experience: 40 Years Amar Bhalla Donald Charter Independent Independent Jay Jiang CFO Service: 12 Years Experience: 17 Years Michael J. Cooper The Hon. Dr.
Slide 19: Social and Governance
Dream Office REIT 19 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 sound
Slide 20: Bay Street Collection: Model Suites
Dream Office REIT 20 Bay Street Collection: Model Suites Model Suite 67 Richmond St.
Slide 21: Bay Street Collection: Model Suites
Dream Office REIT 21 Bay Street Collection: Model Suites Model Suite 80 Richmond St.
Slide 22: Bay Street Collection: Revitalizing our Core Downtown Assets
Dream Office REIT 22 Bay Street Collection: Revitalizing our Core Downtown Assets Bay Street Collection — Interiors 80 Richmond St.
Slide 23: Bay Street Collection: Revitalizing our Core Downtown Assets
Dream Office REIT 23 Bay Street Collection: Revitalizing our Core Downtown Assets Bay Street Collection — Interiors 350 Bay St.
Slide 24: Bay Street Collection: Revitalizing our Core Downtown Assets
Dream Office REIT 24 Bay Street Collection: Revitalizing our Core Downtown Assets Bay Street Collection — Interiors 56 Temperance St. Exterior Conceptual rendering
Slide 25: Bay Street Collection: Revitalizing our Core Downtown Assets
Dream Office REIT 25 Bay Street Collection: Revitalizing our Core Downtown Assets Bay Street Collection — Interiors 360 Bay St.
Slide 26: Bay Street Collection: Revitalizing our Core Downtown Assets
Dream Office REIT 26 Bay Street Collection: Revitalizing our Core Downtown Assets Bay Street Collection — Before and After 80 Richmond St. Exterior Conceptual rendering
Slide 27: Bay Street Collection: Revitalizing our Core Downtown Assets
Dream Office REIT 27 Bay Street Collection: Revitalizing our Core Downtown Assets Fully Retrofitted Interior Space 357 Bay St.
Slide 28: Curating a destination in Downtown Toronto with Premium Restaurants
Dream Office REIT 28 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 29: Michael J. Cooper
Michael J. Cooper | Chairman & CEO (416) 365 -5145 mcooper@dream.ca Jay Jiang | CFO (416) 365 -6638 jjiang@dream.ca Derrick Lau | SVP of Portfolio Management (416) 365 -2364 dlau@dream.ca
Slide 30: Disclaimer
30 | 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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