Dream Unlimited Corp. Class A · TSX:DRM
Dream Unlimited Corp. Class A — Dream Office REIT — Q1 2025 Earnings Presentation
30 slides from Dream Unlimited Corp. Class A's earnings presentation, May 2025
Slide 1: Dream Office REIT
dream i: office REIT
Slide 2: Portfolio key statistics
81.2% 4.8 million $2.4 billion 83% Fair Value in Toronto Downtown(1 )
Slide 3: Toronto downtown market position
3rd 96.5 4th ~20% 2nd largest ~40%
Slide 4: Key portfolio and debt metrics
6.0 years $1.8 billion 84.2% 83% 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 4.8 million Owned sf
Slide 7: Assets sold, debt repaid and capital returned
$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 ~33.7%* 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 level and liquidity
51.5% $150 million 5.00% Weighted Average Level of debt* Total liquidity* Face Rate of Interest
Slide 10: 255,000 184,000 159,000 135,000 2022 2023 2024 2025
255,000 184,000 159,000 135,000 2022 2023 2024 2025
Slide 11: Ownership in Dream Industrial REIT
Dream Office REIT 11| Me Ownership in Dream Industrial REIT Dream Office REIT has a 4.0% 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 12: Estimated Annualized Gross Rental Revenue by Tenant Industry
Dream Office REIT Estimated Annualized Gross Rental Revenue by Tenant Industry Dream Office REIT has a diversified tenant mix across industries including Finance, Insurance, As at O1 2025 Government, Professional Services, Healthcare, Real Estate and Retail. 78% 8.2% 8.9% 3.8% 30.3% @ Professional S
Slide 13: Top Tenants
Dream Office REIT Top 10 Tenants Top 10 tenants make up approximately 32% of total annualized gross rent and 50% of our top tenants have credit ratings of A- or higher 13 | Me Rank Tenant % of Rent* Investment 1 H+ Segment Government of Canada 5.8% Vv 2 7] Forney oyu inc International Financial Data
Slide 14: Sale of 438 University
Sale of 438 University On February 24, 2025, we completed the sale of 438 University for 1 We used the proceeds to repay the $68.9M property mortgage outstanding and used the balance to pay down our corporate credit facility to reduce leverage and improve liquidity. In addition, we secured relocatio
Slide 15: Toronto renovated property
Toronto, ON Newly Renovated Retail GLA Office GLA
Slide 16: Properties Under Development Highlight: Calgary, AB
Properties Under Development Highlight Calgary, AB In Q4 2024 we reclassified 606-4th Building & Barclay Parkade to properties under development. The development project will convert the 126K sf office building into a brand new 166-unit, purpose-built rental residential apartment. Concurrently, the
Slide 17: Development sites in Toronto
250 Dundas St. West 212-220 King St. West 2200 Eglinton Ave. East Toronto, ON Toronto, ON Toronto, ON
Slide 18: Prioritizing Efficient and Livable Buildings
Dream Office REIT 18| Ms Prioritizing Efficient and Livable Buildings awe a 1) MSCI Cane {.} SUSTAINALYTICS BBB in CO MSC. ISS ESGD> GRESB 9.3 eee soe A Dow ee (Top 7% of 1,000+ RE 90/100 Companies) BBB rating Prime rating e Received Platinum-level recognition from Green Lease Leaders for Team Trans
Slide 19: Canada Infrastructure Bank retrofit financing
Dream Office REIT 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 $112.9 million under its Commercial Building Retrofits Initiative.
Slide 20: 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 and
Slide 21: Management Team and Board of Trustees
Dream Office REIT 21] Me Management Team and Board of Trustees Managemen Michael J. Cooper Chairman & CEO Service: 28 Years fd Experience: 37 Years © Amar Bhalla Donald Charter Michael J. Cooper Independent Independent Jay Jiang v7 CFO Service: 10 Years Experience: 17 Years Jane Gavan Qi Tang Karine
Slide 22: Bay Street Collection: Revitalizing our Core Downtown Assets
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
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 Bay Street Collection: Revitalizing our Core Downtown Assets Cu | cae ' | a TOTP TRE | TPT eee 56Temperance
Slide 25: Bay Street Collection: Revitalizing our Core Downtown Assets
Dream Office REIT 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
Bay Street Collection: Revitalizing our Core Downtown Assets Bay Street Collection - Before and After - 80 Richmond St.
Slide 27: Bay Street Collection: Revitalizing our Core Downtown Assets
Dream Office REIT 27| Me Bay Street Collection: Revitalizing our Core Downtown Assets
Slide 28: Curating a destination in Downtown Toronto with Premium Restaurants
Curating a destination in Downtown Toronto with Premium Restaurants FF I aan FL Richmond | Opened’ June CO ty at INK-Restaurant - Daphne 181 University | Opened November, 2024 $ Chop Steakhouse & Bar hoe i q| idl; ¥ Uy Re iy: eT 150 y yori] se 280 Be BollpOpadsensetember en2s Alo Bar Downteen Milos
Slide 29: 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 30: 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