Dream Unlimited Corp. Class A · TSX:DRM
Dream Unlimited Corp. Class A — Dream Office REIT — Investor Presentation (February 2026)
33 slides from Dream Unlimited Corp. Class A's investor presentation, February 2026
Slide 1: Investor Presentation
1| Investor Presentation TSX:D.UN February 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. 8 7.4 % 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: Recovering Office Utilization & Return to Office Polices
Dream Office REIT 4 Recovering Office Utilization & Return to Office Polices As of early 2026, all six major banks and key government entities have implemented mandatory four - to five -day return -to-office policies. These mandates are expected to increase utilization and physical occupancy of offi
Slide 5: Downtown Toronto Market Seeing Stronger Fundamentals
Dream Office REIT 5 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 6: A Carefully Curated Investment Portfolio of High-Quality Assets
Dream Office REIT 6 A Carefully Curated Investment Portfolio of High -Quality Assets Dream Office now holds a high concentration of well -connected assets in Downtown Toronto: 6.3 years $1.7 billion 87.4% 84% weighted average in investment property in-place and committed of total portfolio lease ter
Slide 7: Transformation of Our Portfolio - 2016
Dream Office REIT 7 Transformation of Our Portfolio - 2016 February 2016 166 Active properties Yellowknife 2% 23 million Owned sf Edmonton British 8% Columbia 5% Saskatoon 3% Calgary Atlantic 18% Canada 1% Regina 3% USA GTA 2% 45% Montreal 5% SW Ontario Ottawa 4% 4% Note: Exposure by fair value.
Slide 8: Transformation of Our Portfolio - 2025
Dream Office REIT 8 Transformation of Our Portfolio - 2025 December 2025 24 Income producing properties 4.5 million Owned sf Other Markets 16%* Downtown Toronto 84%* *Note: Exposure by fair value. Excluding properties held for sale and joint ventures that are equity accounted as at December 31, 2025
Slide 9: Strong Management Alignment Through Significant Insider Ownership
Dream Office REIT 9 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 proper
Slide 10: Debt Maturity Schedule
Dream Office REIT 10 Debt Maturity Schedule 54.2% $173 million 5.02% Weighted Average Level of debt* Total liquidity* Face Rate of Interest As of February 2026, the Trust has addressed 84% of its 2026 mortgage maturities, with only $26 million of maturities remaining across two mortgages. 600 500 40
Slide 11: Strong Leasing Momentum with Higher Rents
Dream Office REIT 11 Strong Leasing Momentum with Higher Rents 224K sf $30.86 8.0 Years Weighted Average Initial Rent on Total leases executed in Q4 WALT on Toronto Downtown Toronto Downtown leases executed in 2025 leases executed in Q4 2025 Q4 2025 YTD Leasing 2022 – 2025* 1,000,000 900,000 874,000
Slide 12: Ownership in Dream Industrial REIT
Dream Office REIT 12 Ownership in Dream Industrial REIT Dream Office REIT has a 2.6% 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 13: Diversified Tenant Mix Across Core Industries
Dream Office REIT 13 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 3.9% 6.5% Profes
Slide 14: Top 10 Tenants
Dream Office REIT 14 Top 10 Tenants Top 10 tenants have a weighted average lease term of 7.3 years and make up approximately 31% of total annualized gross rent. 50% of our top tenants have investment grade credit ratings. Investment Rank Tenant % of Rent* Grade 1 Government of Canada 6.2% 2 Intern
Slide 15: Downtown Toronto Leasing Program & Model Suites
Dream Office REIT 15 Downtown Toronto Leasing Program & Model Suites Since 2024, majority of the 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, Dream Office REIT imple
Slide 16: Property Highlight – 67 Richmond St. W
Dream Office REIT 16 Property Highlight – 67 Richmond 67 Richmond St. W Toronto, ON In 2022, we launched redevelopment of 67 Richmond. The ground floor is currently leased out to Daphne, a mid -century -inspired modern American restaurant occupying 6K sf of space (incl. 2K sf patio). Our team has al
Slide 17: Properties Under Development Highlight – 606 4th Building
Dream Office REIT 17 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 18: Future Development Potential
Dream Office REIT 18 Future Development Potential 250 Dundas St. W 212 -220 King St. W 2200 Eglinton Ave. E Toronto, ON Toronto, ON Toronto, ON Current Future Current Future Current Future 121,000 sf 480,000 sf 1 95,000 sf 1.1 million sf 1 mixed -use 442,000 sf Targeting over 2.7 million office buil
Slide 19: Prioritizing Efficient and Livable Buildings
Dream Office REIT 19 Prioritizing Efficient and Livable Buildings • Received Platinum -level recognition in 2024 from Green Lease Leaders for Team Transaction (designation is valid for 3 years) • Awarded Energy Manager of the Year by EM Honours 2025 Awards Program • Recognized by Association of Ener
Slide 20: Canada Infrastructure Bank and Sustainability-Linked Loans
Dream Office REIT 20 Canada Infrastructure Bank and Sustainability -Linked Loans Supporting Dream Office REIT’s target to achieve Sustainability -Linked Loans Scope 1 and Scope 2 net zero greenhouse gas (GHG) emissions* by 2035 or sooner, the Canada In September 2022, Dream Office REIT negotiated a
Slide 21: Social and Governance
Dream Office REIT 21 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 22: Management Team and Board of Trustees
Dream Office REIT 22 Management Team and Board of Trustees Management Team Board of Trustees Michael J. Cooper Chairman & CEO Service: 29 Years Experience: 39 Years Amar Bhalla Donald Charter Independent Independent Jay Jiang CFO Service: 11 Years Experience: 16 Years Michael J. Cooper Jane Gavan De
Slide 23: Bay Street Collection: Model Suites
Dream Office REIT 23 Bay Street Collection: Model Suites Model Suite 67 Richmond St.
Slide 24: Bay Street Collection: Model Suites
Dream Office REIT 24 Bay Street Collection: Model Suites Model Suite 80 Richmond St.
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 80 Richmond 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 — Interiors 350 Bay St.
Slide 27: Bay Street Collection: Revitalizing our Core Downtown Assets
Dream Office REIT 27 Bay Street Collection: Revitalizing our Core Downtown Assets Bay Street Collection — Interiors 56 Temperance St. Exterior Conceptual rendering
Slide 28: Bay Street Collection: Revitalizing our Core Downtown Assets
Dream Office REIT 28 Bay Street Collection: Revitalizing our Core Downtown Assets Bay Street Collection — Interiors 360 Bay St.
Slide 29: Bay Street Collection: Revitalizing our Core Downtown Assets
Dream Office REIT 29 Bay Street Collection: Revitalizing our Core Downtown Assets Bay Street Collection — Before and After 80 Richmond St. Exterior Conceptual rendering
Slide 30: Bay Street Collection: Revitalizing our Core Downtown Assets
Dream Office REIT 30 Bay Street Collection: Revitalizing our Core Downtown Assets Fully Retrofitted Interior Space 357 Bay St.
Slide 31: Curating a destination in Downtown Toronto with Premium Restaurants
Dream Office REIT 31 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 32: Feel free to contact us should you have any questions
Feel free to contact us should you have any questions 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 33: Disclaimer
33 | 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
Dream Office REIT — Investor Presentation (February 2026) on 6ix