Dream Unlimited Corp. Class A · TSX:DRM
Dream Unlimited Corp. Class A — Dream Office REIT — Q3 2021 Earnings Presentation
32 slides from Dream Unlimited Corp. Class A's earnings presentation, November 2021
Slide 1: Q3 Investor Presentation
Dream Office REIT Q3 - Investor Presentation November 2021
Slide 2: Note 1 – Excluding properties under development and investment in joint ventures as at
) Note 1 – Excluding properties under development and investment in joint ventures as at Q3/2021 . Note 2 - Excluding investment in joint ventures as at Q3/2021 .
Slide 3: Why Toronto?
Why Toronto? Top 10 Home to ~40% 2"4 Largest Global Financial of Canada’s Business Innovation cluster in Centre Headquarters North America Life & Health Science attracts $1+ billion in research
Slide 4: Toronto - Macro Environmental Trends
a () Toronto - Macro Environmental Trends Cumulative Forecasted Employment Growth Cumulative Forecasted Population Growth Y e Board Of Canada In 2019, ~30% of all international immigrants to Canada came to Toronto Strong forecasted employment and population growth are expected to continue to contrib
Slide 5: Come Invest with Dream - Alignment & Expertise
a (6) Come Invest with Dream - Alignment & Expertise < ~35%* investment in Dream Office REIT by Dream and Insiders In addition, Dream Unlimited manages Dream Office’s developments and Dream Office manages Dream Unlimited’s properties, enabling each to focus on their core expertise. * Ownership as at
Slide 6: In-place and committed occupancy in Toronto Downtown
in-place and committed occupancy in Toronto Downtown Note 1 – Excluding properties under development and joint ventures that are equity accounted as at September 30, 2021 .
Slide 7: High Concentration in Toronto's Financial District
Dream Office REIT High Concentration in Ti Adelaide Place taal leah hel 212 King St. W. oe E nto’s Financial District Toronto - 1 Hour Walking Tour 74 Victoria St. PRR 6 ea 6 Adelaide St. E.
Slide 8: Sustainability - Our Approach
Dream Office REIT Sustainability - Our Approach Sustainability is an integral part of how we strategically approach and manage our business Highlights of Dream Group of Companies’ 2019 report (link) Recipient of the GEM Donated to Charitable | Of Dream Office GRESB rating in “Women Lead Here” and Co
Slide 9: Net Zero Asset Managers commitment
On November 1, 2021, the Dream Group of companies (comprised of Dream Unlimited Corp, Dream Office REIT, Dream Impact Trust, and Dream Industrial REIT) announced their formal participation in the Net Zero Asset Managers (*NZAM”) initiative, an international group of the largest asset managers coveri
Slide 10: Corporate Social Responsibility highlights
Note – From 201 9 Corporate Social Responsibility report.
Slide 11: Investment in Alate - Using Technology to Rethink Real Estate
By = Dream Office REIT @ Investment in Alate - Using Technology to Rethink Real Estate Alate Partners Dream Office REIT, along with Dream Unlimited, entered into a strategic partnership with Relay Ventures to create Alate Partners to invest in technology companies that are rethinking how real estate
Slide 12: Using Technology to Rethink Real Estate - Lane
By = Dream Office REIT @ Using Technology to Rethink Real Estate - Lane ; Lane, to be acquired by VTS Headquartered in Toronto, Lane helps leading property owners and managers unlock the full value of their assets and deliver a superior experience for everyone at their properties. The platform allow
Slide 13: COVID-19 Response - Unique Features of our Downtown Toronto Assets
Dream Office REIT COVID-19 Response - Unique Features of our Downtown Toronto Assets 1. Smaller Floor Plate Tenants can easily lease the entire floor and do not have to share space or bathrooms with others Lower Rise Buildings Our lower-rise office buildings have a smaller number of people and provi
Slide 14: COVID-19 Response
+ COVID-19 Response Return to Operations Plans Since the spring of 2020, Dream has demonstrated its commitment to the health and safety of our stakeholders in the face of an unprecedented global pandemic. Our teams have been quick to develop and implement comprehensive plans and procedures to reduce
Slide 15: COVID-19 Response - Initiatives
aA Dream Office REIT COVID-19 Response - Initiatives POST Promise - Dream is participating in The POST Promise. This is a private sector led initiative, in collaboration with various levels of government, designed to help Canadians confidently and safely take the first steps back into public spaces
Slide 16: COVID-19 Response - WELL Health-Safety Certification
Dream Office REIT COVID-19 Response - WELL Health-Safety Certification In May 2021 we were recognized as Canada’s office portfolio to be WELL Health-Safety rated by IWBI with 25 properties (+85% of our Canadian portfolio) being certified. DREAM ADELAIDE PLACE (150 YORK) WELL HEALTH-SAFETY RATING Apr
Slide 17: COVID-19 Response - Other Health Initiatives
aA Dream Office REIT COVID-19 Response - Other Health Initiatives 1. HVAC Operating Plans Creating building specific HVAC operating plans based on recommendations from Health Canada and CDC 2. UV Robots Made-in-Canada robot that uses UV light to kill surface and airborne virus, bacteria, mold and fl
Slide 18: Portfolio overview
All figures at 100% share. Note 1 - Gross Floor Area
Slide 19: Cash Rent Collection During COVID-19
aA Dream Office REIT Cash Rent Collection During COVID-19 100% x 2 s s 2 = & 2 ° 2 To) 19 © + Bs S + =a 2 q x os 5 *& & S oo R RF wBwo Se RF FS ow 7 99% oO o N 2 = N ros o ron rox 3 x oe Foe FR x + ~ 98% o oO 97% 96% 95% 94% 93% 92% 91% 90% S2 09 0 0 G0 GB GB GD OW ye ye Be Be Be Re Re Be De y y y y
Slide 20: Balance sheet and liquidity
• • • *Net total debt-to-net total assets, available liquidity, and unencumbered assets are non-GAAP measures used by management in evaluating operating and financial performance. Please refer to the cautionary statements under the heading “Non-GAAP Measures” in this presentation.
Slide 21: Investment in Dream Industrial REIT
* As at September 30, 2021. On Oct 22, DIR completed a public offering in which Dream Office did not participate and issued 17.4M units. ** DIR Unit Price as at November 2, 2021
Slide 22: Oct-21 Oct-20 Apr-20
100% 80% 60% 40% 20% 0% -20% -40% Apr-21 Oct-17 Oct-19 Oct-21 Oct-18 Apr-19 Apr-20 Apr-18 Oct-20 Data between Oct 2017 to Oct 2021. *Since appointment of new CEO and announcement of US expansion
Slide 23: Forward looking information
Forward looking information This investor presentation may contain forward-looking information within the meaning of applicable securities legislation, including statements regarding our objectives and strategies to achieve those objectives, the future composition and quality of our portfolio, the o
Slide 24: Feel free to contact us should you have any questions
Slide 25: Appendix I: Management Team
aA Dream Office REIT @) Appendix |: Management Team Michael J. Cooper Chairman & CEO Service: 25 Years Industry Experience: 33 Years Founded Dream Asset Management, Dream Office REIT, Dream Industrial REIT, Dream Global REIT, Dream Impact Trust Jay Jiang CFO Service: 7 Years Industry Experience: 14
Slide 26: Appendix II: Diverse and Independent Board
a Dream Office REIT Appendix Il: Diverse and Independent Board Detlef Bierbaum Donald Charter Michael J. Cooper Independent Independent & ~“ Robert Goodall The Hon. Dr. Kellie Leitch Karine Maclndoe Independent Independent Independent Jane Gavan Qi Tang Independent
Slide 27: Total return and distributions
* Sale of 2/3 of portfolio to GE and distributions to unitholders ** Total return calculation includes distributions and the latest reported IFRS NAV
Slide 28: Leverage and liquidity as at Q3 2021
As at Q3 2021 *Leverage (also known as net total debt-to-net total assets) and available liquidity are non-GAAP measures used by management in evaluating financial performance. Please refer to the cautionary statements under the heading “Non-GAAP Measures” in this presentation.
Slide 29: Annualized Gross Rental Revenue breakdown
- - - * % of Annualized Gross Rental Revenue as at Q3 2021
Slide 30: Appendix VI: Revenue by Tenant Industry
+ Appendix VI: Revenue by Tenant Industry Estimated Annualized Gross Rental Revenue bu Tenant Industry 4.6% 3.9% 5.0% 6.2% 33.9% P 9 9% Professional Services and Management = Finance and Insurance Government and Government Agencies = Health Care and Social Assistance = Real Estate and Construction 2
Slide 31: Appendix VII: DT Toronto Office Market Fundamentals
Vacancy (%) Dream Office REIT Appendix VII: DT Toronto Office Market Fundamentals") Historical Vacancy and Absorption* 14.0% @ Vacancy Rate @ Absorption 12.0% 10.0% 8.0% 7.39 i 6.9% 6.0% 5.2% 5.0% 5.1% HUY 4.0% 2.0% 0.0% 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 8,000,000 6,000,000 4,000,000
Slide 32: Historical Class A Vacancy & Rent Growth
Vacancy (%) Dream Office REIT Appendix VII: DT Toronto Office Market Fundamentals") Historical Class A Vacancy & Rent Growth* ao @ Vacancy - Class A @ Avg. Class A Net Rent fy 8% 6% 4% 2% 0% Q209 9210 Q211 Q212 Q213 Q214% Q215 Q216 Q217 Q218 Q219 Q220 Q221 mmm Downtown Office (Vacancy - Class A) ——