DREAM Unlimited Corp. Class A · TSX:DRM
DREAM Unlimited Corp. Class A — Dream Industrial REIT — Investor Presentation (March 2024)
42 slides from DREAM Unlimited Corp. Class A's investor presentation, March 2024
Slide 1: Dream Industrial REIT Investor Presentation March 2024
Dream Industrial REIT Investor Presentation March 2024
Slide 2: Presentation Overview
> a Atze 401 Marie-Curie Boulevard, Montréal, OC, Canada Presentation Overview Section 1 Our Company & Strategy Section 2 Business Update Section 3 Credit Highlights Section 4 ESG Highlights
Slide 3: Our Company & Strategy
Exportweg 2–20, Waddinxveen, Netherlands
Slide 4: Company Snapshot
6 Dream Industrial REIT Company Snapshot Dream Industrial REIT TSX: DIR.UN Dream Industrial REIT (DIR) owns, operates and manages a $7.9 billion diversified portfolio of well- located industrial real estate across Canada and Europe, including a $0.3 billion equity interest ina private U.S. industria
Slide 5: Our Strategy
6 Dream Industrial REIT Our Strategy Global Acquisition Platform Local on the ground teams with a strong track record of sourcing attractive industrial opportunities across North America and Europe $10B Of Acquisitions Completed over the Last 4 Years Development & Intensification Build prime assets
Slide 6: Multiple Drivers of Value-Creation
Fe | Dream Industrial REIT © Multiple Drivers of Value-Creation Organic NOI Growth NAV per Unit Growth FFO per Unit Growth Strong rent mark-to-market potential Robust pace of organic growth Strong fundamentals driving continued growth in market rents + + Property management and and increase in repla
Slide 7: Mortgages Unsecured Debt Equity
Mortgages Unsecured Debt Equity
Slide 8: Business highlights: 2023 results and Q4
Dream Industrial REIT © 2023 Financial Highlights Diluted FFO per Unit! increased 10.1 % year-over-year in 2023, increase was driven by strong organic growth, strong leasing [2] momentum and growing property management income from the U.S. Fund and Dream Summit JV. Comparative properties NOI' (“CP N
Slide 9: ESG Highlights
Dream Industrial REIT © ESG Highlights @) vironmental Social Governance Over 1.2 Million sf Developed ESG Framework of LED lighting upgrades Outlining key milestones and initiatives with 9, 9 52% executive compensation linked to ESG metrics and 120% Increase of managers are women? deliverables in gr
Slide 10: Experienced Management Team
Dream Industrial REIT @ Experienced Management Team Alex Sannikov Lenis Quan Bruce Traversy President & CEO CFO EVP, Head of Investments 71m Joe ladeluca Kimberley Hill Joanne Leitch Sharlene McKillop Karen Hon SVP, Portfolio Management, SVP, Portfolio Management, VP, Property & Operations VP, Prope
Slide 11: Business Update
6 Mesonweg, Utrecht, Netherlands
Slide 12: Acquisition of Summit Industrial Income REIT in Partnership with GIC
6 Dream Industrial REIT @) Acquisition of Summit Industrial Income REIT in Partnership with GIC + Increased exposure to Canada where the industrial market has experienced record low-vacancy levels, with Adds scale and quality to total owned and managed portfolio of over 44 million square feet * DIR
Slide 13: Robust Industrial Fundamentals Continue to Drive Strong Rental Rate Growth
6 Dream Industrial REIT Robust Industrial Fundamentals Continue to Drive Strong Rental Rate Growth Significant growth in market rents 419% $13.84 $13.94 $12.92 In local currency Canada Europe mQ4 2022 mQ3 2023 mO4 2023 Year-over-year market rents have grown by 8% in Canada, led by 9% in Ontario and
Slide 14: Strong Outlook for Organic Growth
6 Dream Industrial REIT Strong Outlook for Organic Growth 1] Strong mark-to-market potential $17.50 5 +46.1% $15.00 - CS$13.94 $12.50 C$9.54 +8.6% $10.00 + $7.50 - e5ug €5.96 $5.00 - $2.50 - Canada Europe ™In-place and committed base rent (psf) ™ Estimated market rent (psf) © Robust leasing momentum
Slide 15: Strong Outlook for Organic Growth - Lease Maturities and Rents by Market
Dream Industrial REIT © Strong Outlook for Organic Growth - Lease Maturities and Rents by Market Ontario $16.37 Estimated Regional 1,600 Market Rent 1,200 $9.47 e 800 709 400 ie) 2024 Expiring Area (000s sf) Western Canada $9.34 1,200 Estimated Regional 1,000 Market Rent 800 703 600 U $9.05 400 200
Slide 16: Increasing Pace of Organic Growth Drives Strong Diluted FFO per Unit
6 Dream Industrial REIT @ Increasing Pace of Organic Growth Drives Strong Diluted FFO per Unit mmm Change in weighted average occupancy mmm Diluted FFO per Unit! — in in y Change in in-place base rent Yoy on om wth ——-Average Net Total Debt-to-Total Assets (Net of Cash and ——YoY CP NOI growth ° gro
Slide 17: Poised For Strong Rental Rate Growth on Lease Roll-over
6 Dream Industrial REIT Poised For Strong Rental Rate Growth on Lease Roll-over 100% » mmm Committed Occupancy Retention Ratio 100% 97% I 97% 98% sO cs = sO cs = 80% - 80% H_.. 80% 78% 60% 60% 40% - T4% > 74% | | | 14.0% mi” | a Bho ll 20% 0% 201% 2015 2016 2017 2018 2019 2020 2021 2022 2023 0% 20%
Slide 18: Development Strategy
Dream Industrial REIT Development Strategy © . tet at Redevelopment of Greenfield development Intensification of excess land ae P p existing properties 25% interest in $1.5B GTA develop-to-hold joint venture with global sovereign wealth fund Acquired a 20 & 50-acre site in the Balzac sub-market in C
Slide 19: Capital Investments in Clean Power
6 Dream Industrial REIT Capital Investments in Clean Power Calgary, Alberta > Ry Duiven, Netherlands Bleiswijk, Netherlands 14 MW of solar projects completed (30,000 solar panels) in Alberta and the Netherlands; total project cost of ~$15 million with expected yield on cost of over 10% Additional 7
Slide 20: Credit Highlights
4 Zoete Inval, Breda, Netherlands
Slide 21: Strong and Flexible Balance Sheet
6 Dream Industrial REIT Strong and Flexible Balance Sheet @) Focused de-leveraging while upgrading portfolio improved financial flexibility m Ending Net Total Debt-to-Total Assets (Net of Cash and Cash Equivalents) ! 80% 4 60% + £ o Ro 20% Net Total Debt-to-Total Assets (Net of Cash and Cash Equival
Slide 22: Limited Near-Term Cash Obligations Provide Significant Balance Sheet Flexibility
6 Dream Industrial REIT @) Limited Near-Term Cash Obligations Provide Significant Balance Sheet Flexibility $1,200M 4 2.7 2.35% years WaAIR2 WATM! $717M $800M + $610M $647M e-4 toot $501M toot tot 400m 4 . $307M S54M SOM rs 2024 2025 2026 2027 2028 2029+ ™ Unsecured ™ Secured GAnnual Extension Optio
Slide 23: Emil-Lux-Str. 1, Wermelskirchen, Germany
Emil-Lux-Str. 1, Wermelskirchen, Germany
Slide 24: Focus on Modern, Functional & Well-located Urban & Distribution Assets
Dream Industrial REIT Focus on Modern, Functional & Well-located Urban & Distribution Assets Distribution’ 54% of IP Value Europe $1,907 53% Canada $1,701 47% 52.2M Square feet 194 Assets 2,909 Acres Stuttgart, Germany Blois, France Urban Logistics! 32% of IP Value Europe S445 21% 12.8M 91 Square fe
Slide 25: Broad Tenant Base Provides Diversified Rental Income
Dream Industrial REIT Broad Tenant Base Provides Diversified Rental Income! @) 15,000-50,000 sq. ft. Use of Space by Annualized Gross Rent! Cold StorageCther 2% 4% Office 5% Light Industrial 19% Distribution and Warehousing 70% Tenant Size Breakdown by Annualized Gross Rent! <15,000 sq. ft. 15% >100
Slide 26: Top Tenants Consist of Renowned Global Companies
6 Dream Industrial REIT Top Tenants Consist of Renowned Global Companies 2.6% Auchan | 1.2% Jpr 11% JN 1.0% ESM_ 0.9% % of Gross penal 0.9% , Rent ° Tv 0.9% 0.9% tayco. 09% aaa Other Tenants 0.8% amazon ot 88.9% Source: Bloomberg, CBRE, JLL, company websites KUEHNE+NAGEL (P) Top 10 tenants by gross
Slide 27: ESG Highlights
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Slide 28: 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 su
Slide 29: Green Financing
Dream Industrial REIT Green Financing \ Guldenweg 6, Varsseveld, Netherlands (BREEAM Very Good) Published 2022 Sustainability Report and completed second annual GRESB disclosure, achieving an above-peer group average score Green Financing Framework aligns with the UN Sustainable Development Goals $8
Slide 30: Appendix
Stevinlaan 4, Ede, Netherlands
Slide 31: Development Projects
Exportweg 2–20, Waddinxveen, Netherlands
Slide 32: Completed Projects: Radeberg
pe ad SF Completed Projects S) Christoph-Seydel-StraBe 1, Radeberg, 278,000 square foot logistics facility on 30.4 acres located in Radeberg, Germany, adjacent to Dresden with 24’ clear height Site Overview Increased property’s footprint by 241,000 square foot with 34’ clear height, improving site d
Slide 33: Completed Projects
© Dream Industrial REIT Completed Projects Site Overview aol Boe = ae 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 Highways 404 and 407 Si
Slide 34: Completed Projects
Dream Industrial REIT Completed Projects Site Overview | Completed Expansion 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 current site coverage of 32% Increas
Slide 35: Completed Projects
6 Dream Industrial REIT Completed Projects Site Overview Afsondoooo0oG Project Rendering 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 Expanded property by 120,000 square fe
Slide 36: Greenfield Projects Underway
© Dream Industrial REIT Greenfield Projects Underway Project Rendering Cross Roads Commercial Greater Calgary Area Construction is underway at the 20-acre property located just outside of Calgary Site will support cluster of two net zero ready buildings with total area of 343k sf and site coverage o
Slide 37: Greenfield Projects Underway
© Dream Industrial REIT Greenfield Projects Underway Project Rendering Rocky View County, Greater Calgary Area Construction is underway at the 50-acre property located just outside of Calgary Site will support cluster of two buildings with total area of 650k sf and site coverage of 48% Construction
Slide 38: Greenfield Projects Substantially Completed
Greenfield Projects Substantially Completed Site Overview Completed Project Abbotside Way, Reached substantial completion during Q2 2023. Multi-tenant asset approximately 60% leased to logistics users 8-acre land parcel in Caledon that can support a LEED certified ~154,000 sf logistics building Achi
Slide 39: Redevelopment Projects Underway
Redevelopment Projects Underway Project Rendering Courtney Park, Redevelopment work is underway on distribution facility in the Greater Toronto Area comprised of a cluster of three buildings Situated on 10 acres of land in the Mississauga area Opportunity to build a high-quality, net zero ready logi
Slide 40: Redevelopment Projects Underway
Redevelopment Projects Underway Water Street, Existing 210,000 square feet facility was built in 1956 and sits on a 24-acre site with 20% site coverage Final project will consist of two new industrial buildings totaling ~389,000 square feet, optimizing site coverage to 37% Construction commenced in
Slide 41: 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 ac
Slide 42: 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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