Dream Office Real Estate Investment Trust Class A · TSX:D.UN
Dream Office Real Estate Investment Trust Class A — Shareholder Meeting (June 2026)
26 slides from Dream Office Real Estate Investment Trust Class A's shareholder meeting presentation, June 2026
Slide 1: Annual General Meeting
Dream Office AGM 2026 1 Annual General Meeting June 2026
Slide 2: Agenda
Dream Office AGM 2026 2 Agenda 01 Welcome and Call to Order 05 Conclusion of the Meeting 02 Appointment of Chair, Secretary and Scrutineers for the meeting 06 Chair’s Remarks 03 Notice of Meeting 07 Management Presentation 04 Business of the Meeting • Financial Statements and Auditors’ Report • Elec
Slide 3: Michael Cooper
Dream Office AGM 2026 3 Michael Cooper Chairman & Chief Executive Officer
Slide 4: Derrick Lau
Dream Office AGM 2026 4 Derrick Lau SVP Portfolio Management
Slide 5: 84% of our portfolio is concentrated in Toronto's Financial Core
Dream Office AGM 2026 5 84% of our portfolio is concentrated in Toronto's Financial Core and lowest vacancy submarket. Dream Office Assets TTC Subway Line 1 TTC Subway Line 2 Downtown North GO Transit Railway 13.3% Future Ontario Line Greater Core Downtown West 13.9% Downtown East 25.4% 20.5% Financ
Slide 6: Our location and quality is driving outperformance
Dream Office AGM 2026 6 Our location and quality is driving outperformance 95% Dream Office Toronto Committed 89.8% Occupancy 90% 89.1% Toronto Class A* 85% 80% 75% 73.6% Toronto Class B* 70% Q1-22 Q1-23 Q1-24 Q1-25 Q1-26 *Source – CBRE. Downtown Toronto occupancy calculated as (100% - vacancy rate)
Slide 7: Toronto is recovering. Occupancy is up.
Dream Office AGM 2026 7 Toronto is recovering. Occupancy is up. Tenants are committing to longer leases. +600 bps +0.8 Year Toronto Committed Occupancy Toronto Weighted Average Lease Term 6.2 89.8% 5.4 83.8% 2024 Q1 2026 2024 Q1 2026
Slide 8: Resilient net rents and improving NERs
Dream Office AGM 2026 8 Resilient net rents and improving NERs +2% Increase +15% Increase Toronto In-Place and Committed Net Rents Toronto Net Effective Rents $33.19 $23 $32.43 $20 2024 Q1 2026 2025 2026 YTD
Slide 9: Smaller and built-out units remain in high demand
Dream Office AGM 2026 9 Smaller and built-out units remain in high demand 77% 56% of Transacted Deals Were On <10K SF of GLA Leased Were On Built-Out Space Other Base-Building 44% Built-Out <10,000 SF 56% *Source – CBRE.
Slide 10: Model suite program improves Toronto occupancy
Dream Office AGM 2026 10 Model suite program improves Toronto occupancy Model Suites Program Stats: 141,000 SF ~$30+ 90%+ < 6 Months Model Suites Completed Weighted Average Leased Average Lease-up Time Upon Starting Net Rents Completion
Slide 11: Large scale retrofit program renews asset
Dream Office AGM 2026 11 Large scale retrofit program renews asset Daphne Completed Model Suites Case Study: • CIB-Funded Retrofit Completed Q4 2025 8.6 Years • 100% Leased Q1 2026 WALT 67 Richmond • Premium Restaurant / Amenity Toronto, ON • Long Lease With Credit-Worthy Technology $36+ In-Place Re
Slide 12: Repositioning non-core assets for better use
Dream Office AGM 2026 12 Repositioning non-core assets for better use Current Future 126K SF Office Building 166-Unit Purpose-Built Rental ~50% Vacant Case Study: Conversion into a purpose-built- Q3 2025 rental building is on time and on Construction commenced 606-4th Street budget; tendering proces
Slide 13: Jay Jiang
Dream Office AGM 2026 13 Jay Jiang Chief Financial Officer
Slide 14: Pillars of capital allocation and risk management
Dream Office AGM 2026 14 Pillars of capital allocation and risk management Enhancing liquidity and stability Proactively addressing debt amid economic volatility maturities & refinancing risk Improve value and income in our Toronto Strategic capital allocation to improve portfolio. Opportunistically
Slide 15: Strengthening our balance sheet
Dream Office AGM 2026 15 Strengthening our balance sheet -10% ($133 M) +$35 M Increase In Cash and Undrawn Revolving Credit Reduction in Net Total Debt Facilities $91.7M $1,359M $56.9M $1,226M 2024 Q1 2026 2024 Q1 2026
Slide 16: Near-term debt maturities are well-addressed
Dream Office AGM 2026 16 Near-term debt maturities are well-addressed ($M) Credit & Term Loan Facilities 600 Mortgages 500 400 300 84% of 200 2026 Maturities Addressed 100 0 2026 2027 2028 2029 2030 2031+ Note – Excluding debt in joint ventures that are equity accounted as at March 31, 2026.
Slide 17: Improved discipline on costs and operating margin
Dream Office AGM 2026 17 Improved discipline on costs and operating margin -5.2% Reduction +80 bps In G&A Expense Net Rental Income Margin $10.5M 54.9% $10.0M 54.1% 2024 2025 2024 2025
Slide 18: Increase in 2026 FFO and occupancy guidance
Dream Office AGM 2026 18 Increase in 2026 FFO and occupancy guidance +$0.05 Increase Increase in Range In FFO/Unit of Toronto In-Place Occupancy Target $2.30-$2.35 $2.25-$2.30 84%-86% 82%-85% Initial Guidance Updated Guidance Initial Guidance Updated Guidance (Feb 2026) (May 2026) (Feb 2026) (May 20
Slide 19: What we said at our September 2023 investor day
Dream Office AGM 2026 19 What we said at our September 2023 investor day 1. 2. 3. Elevated Slower More Vacancy & Return to Challenging Supply of Office & Financing New Builds Flight to Environment Quality Toronto Office Vacancy: Physical Occupancy*: 10-Year GOC: 16% 14% 52% 86% 3.5% 3.6% Q2/2023 Q1/
Slide 20: Portfolio snapshot September 2023 vs Today
Dream Office AGM 2026 20 Portfolio snapshot September 2023 vs Today Sep 2023 May 2026 20 Toronto 18 Toronto Income-producing properties Maintain 84% of 9 Other Markets 6 Other Markets Portfolio FV in Toronto Total GLA (owned) 5.1M sf 4.4M sf Toronto committed occupancy 88.1% 89.8% +170 bps WALT 5.0
Slide 21: Market assumptions today & updated point of view
Dream Office AGM 2026 21 Market assumptions today & updated point of view If we assume some moderate improvement in our core markets, our market assumptions for future periods would be as follows: Stabilized 2026 2028 (2030+) Toronto Estimated Market Leasing Costs $10 PSF/Yr $10 PSF/Yr $7 PSF/Yr Tor
Slide 22: Expected ~$3.00 annualized FFO and ~10.5x D/EBITDA by end of 2028
Dream Office AGM 2026 22 If those improved market assumptions are realized, we would expect to achieve approximately ~$3.00 annualized FFO* and ~10.5x D/EBITDA* by end of 2028 ~$17 1 ~$30 2 Our Unit Trading Illustrative value using Price Today current consensus NAV 10x FFO multiple on ~$3.00 FFO Imp
Slide 23: Michael Cooper
Dream Office AGM 2026 23 Michael Cooper Chairman & Chief Executive Officer
Slide 24: Q&A
330 Bay St. Toronto, ON Q&A
Slide 25: Forward-Looking Information
Dream Office AGM 2026 25 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 Dream Office Real Estate Investment Trust’s (“Dream Office REIT” or the “
Slide 26: Non-GAAP Financial Measures, Ratios and Supplementary Financial Measures
Dream Office AGM 2026 26 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
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