Dream Unlimited Corp. Class A · TSX:DRM
Dream Unlimited Corp. Class A — Dream Office REIT — Q4 2023 Earnings Presentation
32 slides from Dream Unlimited Corp. Class A's earnings presentation, February 2024
Slide 1: Dream Office REIT
dream i: office REIT
Slide 2: Portfolio key statistics
84.4% 5.1 million $2.7 billion 82% FV in Toronto Downtown(2)
Slide 3: Toronto downtown office position
~30% 96.5 3rd ~20% 2nd largest ~40%
Slide 4: Portfolio metrics
5.2 years $1.9 billion 89.0% 82% exposure by fair value(1 )
Slide 5: Active properties and owned square feet
166 Active properties 23 million Owned sf
Slide 6: Income producing properties
26 Income producing properties 5 million Owned sf
Slide 7: Assets sold, debt repaid and returned to unitholders
$4 Billion + ~$2 Billion ~$2 Billion Assets sold Debt Repaid and Transferred Returned to Unitholders through Share Buybacks and Distributions
Slide 8: Strong Management Alignment Through Significant Insider Ownership
Dream Office REIT 8] Me Strong Management Alignment Through Significant Insider Ownership ~32.5%* 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 pr
Slide 9: Debt and liquidity
50.0% $187 million $17 million 6.7% 4.53% variable debt W.A. Face Rate Level of debt* Available liquidity* Unencumbered assets* exposure of Interest
Slide 10: Returning Capital and Value to Unitholders
Dream Office REIT Returning Capital and Value to Unitholders Since Q4/16, Dream Office repurchased and cancelled nearly 78 million units at prices well below NAV and returned $1.5 billion+ to unitholders through repurchases. 90,000,000 80,000,000 70,000,000 60,000,000 _— 50,000,000 —— _ —_- =-~ = @
Slide 11: Strong Leasing Momentum with Elevated Rents
Leases Executed (sf) Dream Office REIT 11| Me Strong Leasing Momentum with Elevated Rents To date, the Trust has secured commitments for approximately 427,000 square feet, or 53%, of 2024 full-year portfolio natural lease expiries. @ Leases executed in the quarter Subsequent leasing 38 8 OOO of , sf
Slide 12: Ownership in Dream Industrial REIT
Dream Office REIT 12| Me Ownership in Dream Industrial REIT Dream Office REIT has a 4.7% 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 man
Slide 13: Estimated Annualized Gross Rental Revenue by Tenant Industry
Dream Office REIT 13] Me 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. = Professional Services and Management = Finance
Slide 14: Top Tenants
Dream Office REIT Top 10 Tenants Top 10 tenants make up approximately 37% of total annualized gross rent and 50% of our top tenants have credit ratings of A- or higher 14] Me Rank Tenant % of Rent* Investment 1 Be Segemmert Government of Canada 9.7% Vv 2 ontario Government of Ontario 6.0% Vv 3 B ‘se
Slide 15: 250 Dundas St. West and 212-220 King St. West
250 Dundas St. West Toronto, ON 212-220 King St. West Toronto, ON
Slide 16: Future Development Potential: 2200 Eglinton Ave. East
Dream Office REIT 16| Me Future Development Potential 2200 Eglinton Ave. East Toronto, ON A 50/50 partnership to pursue the development of Block 2, the first phase of the 2.7MM sf Masterplan Community, with construction targeted to start in late 2024, subject to the satisfaction of certain condition
Slide 17: Full Building Lease, Toronto
Toronto, ON Full Building Lease Lease Term Average Net Rents
Slide 18: Properties Under Development Highlight
Properties Under Development Highlight Updated washroom Exterior Conceptual rendering
Slide 19: Newly Renovated Office, Toronto
Toronto, ON Newly Renovated Retail GLA Office GLA
Slide 20: Prioritizing Efficient and Livable Buildings
Dream Office REIT 20| Me Prioritizing Efficient and Livable Buildings wen Pac 4) sustainatytics v, - WW I a Principles for NET ZERO ASSET “ae 59 TCFp |: =PRI Resporsiate MANAGERS . nvestment GRESB (Top 1% of 1,000+ RE INITIATIVE Companies) 87/100 e Platinum level recognition from Green Lease Leaders
Slide 21: Canada Infrastructure Bank and Sustainability-Linked Loans
Dream Office REIT 21| Me Canada Infrastructure Bank and Sustainability-Linked Loans CANADA * INFRASTRUCTURE BANK Supporting Dream Office REIT’s target to achieve Scope 1 and Scope 2 net zero greenhouse gas (GHG) emissions* by 2035 or sooner, the Canada Infrastructure Bank (CIB) is committing up to $
Slide 22: Social and Governance
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 sound an
Slide 23: Management Team and Board of Trustees
Dream Office REIT 23| Me Management Team and Board of Trustees Managemen Michael J. Cooper Chairman & CEO Service: 27 Years fd Experience: 36 Years © v Amar Bhalla Donald Charter Michael J. Cooper Independent Independent Jay Jiang a CFO Service: 9 Years Experience: 15 Years Jane Gavan Qi Tang Karine
Slide 24: Bay Street Collection: Revitalizing our Core Downtown Assets
Bay Street Collection: Revitalizing our Core Downtown Assets Bay_Street Collection= Interiors 80 Richmond St.
Slide 25: Bay Street Collection: Revitalizing our Core Downtown Assets
Bay Street Collection: Revitalizing our Core Downtown Assets Bay Street Collection - Interiors 350 Bay St.
Slide 26: Bay Street Collection: Revitalizing our Core Downtown Assets
Dream Office REIT Bay Street Collection: Revitalizing our Core Downtown Assets wil i ee . Mleddekanan ee 56Temperance
Slide 27: Bay Street Collection: Revitalizing our Core Downtown Assets
Dream Office REIT Bay Street Collection: Revitalizing our Core Downtown Assets 360 Bay St.
Slide 28: Bay Street Collection - Before and After Richmond
Bay Street Collection - Before and After 80 Richmond
Slide 29: Bay Street Collection: Revitalizing our Core Downtown Assets
Dream Office REIT 29| Me Bay Street Collection: Revitalizing our Core Downtown Assets q / | queen 1S. EEE F tly Retrofitted E Spdce 7Bay
Slide 30: Curating a destination in Downtown Toronto with Premium Restaurants
Curating a destination in Downtown Toronto with Premium Restaurants Ss Z See UC sels Ue he 67-Richimond | Opened'June a INK-Restaurant - Daphne 150 York | Opened Mayg*2023 Alo.Bar Downtown
Slide 31: Michael J. Cooper | Chairman & CEO
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 32: 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; the quality and competitive advantages