Dream Unlimited Corp. Class A · TSX:DRM
Dream Unlimited Corp. Class A — Dream Industrial REIT — Investor Presentation (September 2023)
43 slides from Dream Unlimited Corp. Class A's investor presentation, September 2023
Slide 1: Dream Industrial REIT Investor Presentation September 2023
Dream Industrial REIT Investor Presentation September 2023
Slide 2: Presentation Overview
4 AaAe me 401 Marie-Curie Boulevard, Montréal, OC, Canada Presentation Overview Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Our Company & Strategy Organic Growth and ValueAdd Financial Highlights Portfolio Highlights ESG Highlights Appendix
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 $7.8 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 Building prime assets in core markets
Slide 6: Multiple Drivers of Value-Creation
6 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 Robust pace of organic growth Strong fundamentals driving continued growth in market rents + + Property management and and
Slide 7: Focus on Modern, Functional & Well-located Urban & Distribution Assets
Dream Industrial REIT @ Focus on Modern, Functional & Well-located Urban & Distribution Assets Distribution! Urban Logistics! Light Industrial! 55% of IP Value 30% of IP Value 15% IP Value E Europe sues Fugpe . $1,940 21% 9% 54% Canada $1,676 46% 51.4M 191 2,856 12.8M 92 784 6.1M 38 376 Square feet
Slide 8: Organic Growth and Value-Add
Mortgages Unsecured Debt Equity
Slide 9: Q2 2023 Financial Highlights
6 Dream Industrial REIT @) Q2 2023 Financial Highlights Diluted FFO per Unit! increased 14.0% year-over-year in O2 2023, increase was driven by strong organic growth, strong L] leasing momentum and property management income from the U.S. Fund and Dream Summit JV. Comparative properties NOI! (“CP 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 nvironmental Social Governance Over 1.2 Million Developed ESG Framework sf of LED lighting upgrades! Outlining key milestones and initiatives with 53% executive compensation linked to ESG metrics and 2.4 Million deliverables sf of green building certification
Slide 12: Strong Track Record of Disciplined Capital Allocation
6 Dream Industrial REIT (@) Strong Track Record of Disciplined Capital Allocation Since 2018, recycled approximately $284 million of non-core assets and acquired more than $4.1 billion wa Of, et of higher quality assets that are located in better Increased NAV per Unit! by 77% since year-end 2016 ma
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: Organic Growth and Value-Add
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 16.00 14.00 12.00 + 10.00 4 Pal] 9% $13.83 $12.92 «8.0% €5.65 €5.70 €5.25 Canada Europe mQ2 2022 mQ4 2022 mQ2 2023 Year-over-year market rents have gr
Slide 16: Strong Outlook for Organic Growth
6 Dream Industrial REIT Strong Outlook for Organic Growth 1] Strong mark-to-market potential $17.50 +53.7% $18.00 C$13.83 $12.50 $10.00 C$9.00 +5.8% $7.50 €5.39 £5.70 $5.00 $2.50 - Canada Europe ™ In-place and committed base rent (psf) ™ Estimated market rent (psf) © Robust leasing momentum Since Q1
Slide 17: Increasing Pace of Organic Growth Drives Strong Diluted FFO per Unit
Dream Industrial REIT © Increasing Pace of Organic Growth Drives Strong Diluted FFO per Unit mam Change in weighted average occupancy mm Change in in-place base rent —— YoY CP NOI growth 14.0% g9.30 - +11.4% YoY CP NOI growth 12.0% 10.0% 04% 9.19 © 01% 8.0% 1.5% | 1.9% 6.0% $020 — 0.8% 0.8% 4.0% a 2
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 100% 3 100% mam Committed Occupancy 9 ==Retention Ratio fy .o) ‘5 80% + 2 £ 80% 78% Boo 76% 3 9, = s 3 60% 63% 3 40% + x) ® 2 20% © 40% roa cay 5 13.5% a4 9.2% 10.1% a! | a * oy | eml* a * 20% 2023 2024 2025 2026 2027 20
Slide 19: Development Strategy
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: Financial Highlights
4 Zoete Inval, Breda, Netherlands
Slide 21: Strong and Flexible Balance Sheet
6 Dream Industrial REIT @ Strong and Flexible Balance Sheet % of Total Assets Focused de-leveraging while upgrading portfolio Shift to unsecured financing model significantly improved financial flexibility increased unencumbered investment properties! pool Ending Net Total Debt-to-Total Assets (Net
Slide 22: Significantly Lowered Cost of Debt and Limited FX Exposure
6 Dream Industrial REIT Significantly Lowered Cost of Debt and Limited FX Exposure Execution of European debt strategy Year-end 2019 Q2 2023 3.6% 2.28% Weighted Avg. Weighted Avg. Interest Rate Interest Rate @ North American Debt ~@ Euroand Euro-equivalent Debt @ Equity’ Our European debt strategy h
Slide 23: Limited Near-Term Cash Obligations Provide Significant Balance Sheet Flexibility
6 Dream Industrial REIT ®) Limited Near-Term Cash Obligations Provide Significant Balance Sheet Flexibility $1,500M 7 2.8 2.28% $1,372M years WAIR? ==; wat! $1,038M l l I I ! $1,000M + r-1 I I I ! ! I ! S6u1M $482M $500M 4 $306M SoM SOM 2023 2024 2025 2026 2027 2028+ m Unsecured ™ Secured {Annual Ex
Slide 24: Portfolio Highlights
Emil-Lux-Str. 1, Wermelskirchen, Germany
Slide 25: Broad Tenant Base Provides Diversified Rental Income
Dream Industrial REIT Broad Tenant Base Provides Diversified Rental Income * @) Use of Space by Annualized Gross Rent! Cold Storage Other 1.00% 4.00% Office 5.00% wi Light Industrial 19.00% Distribution and Warehousing 71.00% Tenant Size Breakdown by Annualized Gross Rent! <15,000 sq. ft. 16% >100,0
Slide 26: Top Tenants Consist of Renowned Global Companies
Dream Industrial REIT Top Tenants Consist of Renowned Global Companies Other Tenants 89.2% 25% Muchen 1.2% 1.0% ESM_ 1.0% “> 1.0% ruemnesnacee () % of Gross 0.9% kik oom Sama oy amazon 1 Kikis the owner of RLS Slovakia s.r.o., the tenant of the property Source: Bloomberg, CBRE, JLL, company websites
Slide 27: ESG Highlights
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Slide 28: 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 29: Capital Investments in Clean Power
Dream Industrial REIT Capital Investments in Clean Power Calgary, Alberta Duiven, Netherlands Calgary, Alberta 10 megawatts of solar panel projects completed in Alberta and the Netherlands; total project cost of ~$12 million with expected unlevered return of ~8% Seven completed solar projects in Alb
Slide 30: 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 submission to the Global Real Estate Sustainability Benchmark (GRESB) Green Financing Framework aligns wi
Slide 31: Appendix
Stevinlaan 4, Ede, Netherlands
Slide 32: Exportweg 2–20, Waddinxveen, Netherlands
Exportweg 2–20, Waddinxveen, Netherlands
Slide 33: 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 34: Completed Projects
© 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 35: Substantially Completed Projects
© Dream Industrial REIT Substantially 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 o
Slide 36: Substantially Completed Projects
6 Dream Industrial REIT Substantially 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
Slide 37: Greenfield Projects Underway
© 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 buildings with total area of 343k sf and site coverage of 40% We have a
Slide 38: Greenfield Projects Underway
© 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 39: 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 40: Redevelopment Projects Underway
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 41: Redevelopment Projects Underway
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 Opportunity to build two new industrial buildings totaling ~389,000 square feet, optimizing site coverage to 37% Construction has commenced as of Q2
Slide 42: 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 43: 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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