DREAM Unlimited Corp. Class A · TSX:DRM
DREAM Unlimited Corp. Class A — Dream Industrial REIT — Investor Presentation (March 2023)
39 slides from DREAM Unlimited Corp. Class A's investor presentation, Mar 13, 2023
Slide 1: Dream Industrial REIT
Dream Industrial REIT March 13, 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 Our Company & Strategy Organic Growth and ValueAdd Financial Highlights Portfolio Highlights ESG Highlights
Slide 3: Our Company & Strategy
Exportweg 2–20, Waddinxveen, Netherlands
Slide 4: Company Snapshot
Dream Industrial REIT Company Snapshot Dream Industrial REIT TSX: DIR.UN Dream Industrial REIT (DIR) owns, operates and manages a $7.3 billion diversified portfolio of well- located industrial real estate across Canada and Europe, supported by a platform with a proven track record of long-term value
Slide 5: Our Strategy
6 Dream Industrial REIT Our Strategy Global Acquisition Platform Development and Intensification Asset Management Conservative alarelateitel| Policy Local on the ground teams with a strong track record of sourcing attractive industrial opportunities across North America and Europe Building prime pro
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 High occupancy level of ~99% Robust leasing momentum at solid rental spreads Embedded contractual rent steps and indexation
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 Europe Europe eum Europe $457M 9% $1,986M 22% 55% Canada $1,626M Canada 45% $1,648M Canada 78% $852M 91% 29.9M
Slide 8: Financial Highlights
Mortgages Unsecured Debt Equity
Slide 9: Q4 and 2022 Financial Highlights
6 Dream Industrial REIT @) O4 and 2022 Financial Highlights Diluted FFO per Unit! increased 9.0% on a normalized basis year-over-year in O4 2022, increase was driven by strong organic growth, lower cost of debt, and strong leasing momentum. Comparative properties NOI' increased 9.6% year-over-year i
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 Adds scale and quality to Canadian portfolio Accretive to FFO and organic growth Introduces new source of growth capital Increased exposure to Canada where the industrial market has experienced record low-va
Slide 11: ESG Highlights
6 Dream Industrial REIT @ ESG Highlights nvironmental Social Governance Developed ESG Framework Over 1.2 Million Outlining key milestones and initiatives with sf of LED lighting upgrades! 53% 2.4 Mi sf of green building certifications underway for 12 52% properties (including properties under develo
Slide 12: Strong Track Record of Disciplined Capital Allocation
6 Dream Industrial REIT (@) Strong Track Record of Disciplined Capital Allocation Since 2018, recycled approximately $280 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 CFO SVP, Head of Investments Joe ladeluca Kimberley Hill Victor Settino Sharlene McKillop Karen Hon SVP, Portfolio Management, SVP, Portfolio Management, VP, Development VP, Property
Slide 14: Organic Growth and Value-Add
6 Mesonweg, Utrecht, Netherlands
Slide 15: Robust industrial fundamentals drive strong rental rate growth
Dream Industrial REIT Robust industrial fundamentals continue to drive strong rental rate growth Significant growth in market rents 14.00 132.0% $12.92 12.00 4 $11.71 10.00 4 8.00 | pode In local currency 6.00 | €5.45 €5.65 € 5.04 4.00 Canada Europe mQ4 2021 mQO3 2022 mO4 2022 Year-over-year market
Slide 16: Strong Outlook for Organic Growth
6 Dream Industrial REIT Strong Outlook for Organic Growth 1] Strong mark-to-market potential $15.00 #82.7% 5 C$12.92 12.50 $10.00 +10.4% $7.50 e5.12 £5.65 $5.00 $2.50 - Canada Europe ™ In-place and committed base rent (psf) © Robust leasing momentum In 2022, signed 7.2 million SF of leases at an ave
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! mmm Change in wtd. average occupancy mmm Change in in-place base rent +10.5% —— YoY CP NOI growth YoY CP NOI" growth mn 189% 15% Tas 119% | | 3.8% 3.8% i I 48% 5.6% 6.8% I 6.0% at -0.9% A7% 7” Oo er =e es e
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 OH El Committed Occupane: Retention Ratio 100% 100% Peneg 3 S 80% » rs 80% 80% Bo ay, o £ 60% + E = 60% Q Ly 4 § 40% o 2 ° 40! %,20% 4 % i i c 5 13.5% 15.5% 9.9% Fog | Miho BE} onl fool Peery & a 2023 2024 2025 2026 2027
Slide 19: Development Strategy
6 Dream Industrial REIT Development Strategy . yarn Redevelopment of existin Greenfield development Intensification of excess land properties 25% Interest in $1.5 billion GTA develop- to-hold joint venture with global sovereign wealth fund Acquired a 20 & 50-acre site in the Balzac sub-market in Cal
Slide 20: Activating Development Pipeline - Greenfield
6 Dream Industrial REIT Activating Development Pipeline - Greenfield Rocky View County and Cross Roads Abbotside Way, Caledon (GTA), ON Commercial, Balzac, AB Received site plan approval; commenced construction in April 2022 with expected completion in the first half of 2023 8-acre land parcel in Ca
Slide 21: Activating Development Pipeline - Intensification (Marie Curie)
Dream Industrial REIT Activating Development Pipeline - Intensification Current Property 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 curre
Slide 22: Activating Development Pipeline - Intensification (Courtney Park)
Dream Industrial REIT Activating Development Pipeline - Intensification Current Property Project Rendering Courtney Park, Greater Toronto Area Preliminary redevelopment work has commenced on distribution facility in the Greater Toronto Area comprised of a cluster of three buildings Situated on 10 ac
Slide 23: Activating Development Pipeline - Intensification (East Beaver Creek)
Dream Industrial REIT Activating Development Pipeline - Intensification Current Property 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 High
Slide 24: Activating Development Pipeline - Intensification (Radeberg)
Activating Development Pipeline - Intensification Construction Progress 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 Increased property’s footprint by 241,000 square foot with 34’ cle
Slide 25: Activating Development Pipeline - Intensification (Blaise Pascal)
Dream Industrial REIT ®) Activating Development Pipeline - Intensification 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 Current Property Expanding property by 120,000 squar
Slide 26: Balance Sheet
4 Zoete Inval, Breda, Netherlands
Slide 27: Strong and Flexible Balance Sheet
6 Dream Industrial REIT @ Strong and Flexible Balance Sheet Focused de-leveraging while upgrading portfolio Shift to unsecured financing model significantly improved financial flexibility increased unencumbered investment properties! pool 1 . . 1 — —) Ending Net Total Debt-to-Total Assets (Net of Ca
Slide 28: 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 Q4 2022 1% 3.6% 1.21% Weighted Avg. Weighted Avg. Interest Rate Interest Rate @ North American Debt Euro and Euro-equivalent Debt@ Equity! q quity Net Euro Exposure as
Slide 29: Limited Near-Term Cash Obligations Provide Significant Balance Sheet Flexibility
6 Dream Industrial REIT Limited Near-Term Cash Obligations Provide Significant Balance Sheet Flexibility $1,000M - 3.0 1.21% years WAIR? $846M WATM! $800M + 600M + § $502M $400M $400M | $307M $271M $200M 4 $69M SOM | 2023 2024 2025 2026 2027 2028+ Unsecured ™ Secured Well-staggered debt maturities p
Slide 30: Portfolio Highlights
Emil-Lux-Str. 1, Wermelskirchen, Germany
Slide 31: Broad Tenant Base Provides Diversified Rental Income
Dream Industrial REIT @ Broad Tenant Base Provides Diversified Rental Income * Use of Space by Annualized Gross Rent! Industry Exposure by Annualized Gross Rent! Cold Storage Other Logistics 1% 5% . 21% Office ie 5% ° Light Industrial 19% Paper, Printing, and Distribution and Packaging Consumer Good
Slide 32: Top Tenants Consist of Renowned Global Companies
6 Dream Industrial REIT Top Tenants Consist of Renowned Global Companies @) % of Gross Other Tenants 88.9% uchan 2.8% _ 1.1% ESM. 1.0% <A» 0.9% Kvenne+nacet (f) [zs] 0.9% GIENOW 0.9% kik 0.9% Spccren PRE 0.9% EVT 09% aad 0.8% tayco KiKis the owner of RLS Slovakia s.r.o., the tenant of the property S
Slide 33: ESG Highlights
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Slide 34: 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 35: Capital Investments in Clean Power
Dream Industrial REIT ® Capital Investments in Clean Power Ede, Netherlands 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 solar projects completed in A
Slide 36: Green Financing
© Dream Industrial REIT Green Financing \ Guldenweg 6, Varsseveld, Netherlands (BREEAM Very Good) Released Green Financing Framework in accordance with the UN Sustainable Development Goals Issued three Green Bonds totaling $850 million with proceeds expected to be allocated towards green buildings,
Slide 37: Stevinlaan 4, Ede, Netherlands
Stevinlaan 4, Ede, Netherlands
Slide 38: 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 achie
Slide 39: 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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