DREAM Unlimited Corp. Class A · TSX:DRM
DREAM Unlimited Corp. Class A — Dream Office REIT — Investor Presentation (November 2023)
33 slides from DREAM Unlimited Corp. Class A's investor presentation, November 2023
Slide 1: Investor Presentation
Investor Presentation Dream Office REIT November 2023 TSX:D.UN
Slide 2: Dream Office REIT
Dream Office REIT D.UN Dream Office REIT (the “Trust” or “Dream Office”) is a premier office landlord in downtown Toronto with over 3.5 million square feet owned and managed. We have carefully curated an investment portfolio of high-quality assets in irreplaceable locations in one of the finest offi
Slide 3: Why Toronto?
Dream Office REIT Why Toronto? 2™4 largest Financial Services Centre in North America - HQ of Canada’s Largest Stock Exchange - Home to Five of Canada’s Six Largest Banks of Canada’s Business Headquarters call Toronto home % of new immigrants in Canada settle in Toronto 3rd Largest tech-sector in No
Slide 4: Portfolio is Primarily Comprised of Assets in Downtown Toronto
Portfolio is Primarily Comprised of Assets in Downtown Toronto GLA by Region Fair Value by Region Other Markets Other Markets (SO.4B), 18% (1.9MM sf), 37% Toronto Downtown (3.2MM sf), 63% Toronto Downtown ($1.9B), 82% Note 1 ~ Excluding properties under development and joint ventures that are equity
Slide 5: A Carefully Curated Investment Portfolio of High-Quality Assets
Dream Office REIT A Carefully Curated Investment Portfolio of High-Quality Assets © 250 Dundas St. W ag eu reo 67 Richmond St. 6 Adelaide St. E 30 Adelaide St. E 350 Bay St. aS et, 330 Bay St. High concentration of well connected assets in Downtown Toronto 4.7 years $1.9B weighted average lease asse
Slide 6: Transformation of Our Portfolio: February 2016
i] Dream Office REIT if} = Transformation of Our Portfolio © February 2016 Kt Yellowknife 2% Edmonton British 8% Columbia 5% Saskatoon 3% Calgary 18% Regina 3% Atlantic Canada 1% Montreal 5% Ontario Ottawa 4% 4% 166 active properties 23.0M owned SF
Slide 7: Transformation of Our Portfolio: September 2023
| Dream Office REIT sii} = Transformation of Our Portfolio September 2023 Other Markets 18% Downtown Toronto 82% 26 income producing properties 5.0M owned SF
Slide 8: Assets Sold, Debt Repaid, Returned to Unitholders
Assets sold Debt Repaid and Transferred Returned to Unitholders through Share Buybacks and Distributions
Slide 9: Strong Management Alignment Through Significant Insider Ownership
| Dream Office REIT tT Strong Management Alignment Through Significant Insider Ownership eel | is elt ~32.7%* investment ai ee | a in Dream Office REIT il wel th cL ania a by Dream Unlimited Wi " TH aa BPP: || | SUT ey Corp. and Insiders “FROMMER ll \| iil MI {htt ee | MTA c lp Ns : Welt coe In addi
Slide 10: Well-Capitalized Balance Sheet and Minimal Near-Term Debt Maturities
Dream Office REIT Well-Capitalized Balance Sheet and Minimal NearTerm Debt Maturities 48.8% Level of Debt* @ Mortgages Credit Facilities $204M Available Liquidity* 500 $17M 100 Unencumbered Assets* 300 0 13.8% on Variable Debt Exposure 100 4.59% W.A. Face Rate of Interest ie) 2023 2024 2025 2026 202
Slide 11: Strong Leasing Momentum with Elevated Rents
Strong Leasing Momentum with Elevated Rents © We have made meaningful progress in leasing: * In Q3 2023, we executed leases totaling approximately 147,000 sf across our portfolio. 126,000 square feet of leases in DT Toronto were executed at rents 36% higher than the weighted average prior net Leases
Slide 12: Dream Industrial REIT
Dream Office REIT a Dream Office REIT & Dream Industrial REIT ® Dream Office REIT has a +.7% interest in Dream Industrial REIT ($174M" investment) Dream Industrial REIT owns and operates a diversified portfolio of high-quality industrial space in growing logistics markets primarily in Canada and Eur
Slide 13: Estimated Annualized Gross Rental Revenue by Tenant Industry
Dream Office REIT 5 Estimated Annualized Gross Rental Revenue by Tenant Industry 3.8% 6.0% \ = Professional Services and Management 6.3% 35.1% = Finance and Insurance 7.0% . Government and Government Agencies = Health Care and Social Assistance = Real Estate and Construction 17.6% Retail, Food Servi
Slide 14: Top Tenants
Dream Office REIT 5 Top 10 Tenants Rank | Tenant % of Rent* Investment 1 | ed | Secomnent Government of Canada 9.3% Vv 2 5 ontario Government of Ontario 6.5% Vv 3 7) Isrerxarioxat Frvuvcis International Financial Data Services 3.5% - 4 | bec International Language Academy of Canada 2.8% - 5 | > co-o
Slide 15: Future Development Potential
) Future Development Potential MACACA 250 Dundas St. West 212-220 King St. West he Aa WE AMD fi a9 ant Ba) ee it Current: office building Current: office buildings Current: office building Future: mixed-use building Future: mixed-use building, Future: Targeting over including 0.8 million sf of resid
Slide 16: Partnership on 2200 Eglinton with CentreCourt
Dream Office REIT 5 Partnership on 2200 Eglinton with CentreCourt 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 conditions. am: (ie ae ow Currently
Slide 17: Full Building Lease Average Net Rents Lease Term
Full Building Lease Average Net Rents Lease Term • • •
Slide 18: Properties Under Development Highlight - Bay St.
Properties Under Development Highlight - 366 Bay St. Exterior Conceptual rendering
Slide 19: Newly Renovated Office GLA Retail GLA
Newly Renovated Office GLA Retail GLA • • •
Slide 20: Bay Street Collection: Revitalizing our Core Downtown Assets
Bay Street Collection: Revitalizing our Core Downtown Assets 80 Richmond St.
Slide 21: Bay Street Collection: Revitalizing our Core Downtown Assets
Bay Street Collection: Revitalizing our Core Downtown Assets Bay Street Gollection=Interiors 350 Bay St.
Slide 22: Bay Street Collection: Revitalizing our Core Downtown Assets
Dream Office REIT Bay Street Collection: Revitalizing our Core Downtown Assets Co | Saleehek nee Wahl iit TTT 56 Temperance dlp) Tay yl! i eee ance 56 emperance
Slide 23: Bay Street Collection: Revitalizing our Core Downtown Assets
Dream Office REIT Mi Bay Street Collection: Revitalizing our Core Downtown Assets 360 Bay St.
Slide 24: Bay Street Collection - Before and After
fe go ore Do O Asse Bay Street Collection - Before and After 80 Richmond
Slide 25: Bay Street Collection: Revitalizing our Core Downtown Assets
Dream Office REIT 5 Bay Street Collection: Revitalizing our Core Downtown Assets
Slide 26: Curating a destination in DT Toronto with Premium Restaurants
Curating a destination in DT Toronto with Premium Restaurants 150 York | Opened May*?023 Coming mid-2024 Alo Bar Downtown Milos Restau E
Slide 27: Prioritizing Efficient and Livable Buildings
y Dream Office REIT @) af Prioritizing Efficient and Livable Buildings Wy v 7h , SUSTAINALYTICS Principles for NET ZERO ASSET GRESB a PR| Responsible MANAGERS 5.9 LL Investment INITIATIVE 87/100 Gop 1% of 1,000 RE Companies)
Slide 28: Canada Infrastructure Bank and Sustainability-Linked Loans
Dream Office REIT 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 $112.9 mil
Slide 29: Social & Governance
Social & Governance * D.UN’s strength as an organization comes from our strong and diverse workforce. * 57% of D.UN Trustees are women. * 45% of managers are women. * D.UN is committed to ensuring a diverse workforce at executive and board levels D.UN’s strength as an organization comes from our str
Slide 30: Appendix I: Management Team
Dream Office REIT 5 Appendix |: Management Team Michael J. Cooper Chairman & CEO Service: 27 Years Industry Experience: 36 Years Jay Jiang CFO Service: 9 Years Industry Experience: 15 Years Gordon Wadley COO Service: 12 Years Industry Experience: 18 Years
Slide 31: Appendix II: Diverse and Independent Board
Dream Office REIT 5 Appendix Il: Diverse and Independent Board 09308 Amar Bhalla Donald Charter Michael J. Cooper Jane Gavan Independent Independent wy The Hon. Dr. Kellie Leitch = Karine Maclndoe Qi Tang Independent Independent Independent
Slide 32: Contact us
dream 1. office REIT Feel free to contact us should you have any questions Michael J. Cooper Jay Jiang Gordon Wadley Chairman & CEO CFO CoO (416) 365-5145 (416} 365-6638 (416) 365-6564 mcooper@dream.ca jjiang@dream.ca gwadley@dream.ca
Slide 33: 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
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