Dream Unlimited Corp. Class A · TSX:DRM
Dream Unlimited Corp. Class A — Dream Office REIT — Investor Presentation (May 2025)
33 slides from Dream Unlimited Corp. Class A's investor presentation, May 2025
Slide 1: Dream Office REIT
dream i: office REIT
Slide 2: Portfolio key facts
81.9% 4.8 million $2.3 billion 83% Fair Value in Toronto Downtown(1 )
Slide 3: Toronto Downtown rankings and key metrics
3rd 94.9 4th ~20% 2nd largest ~40%
Slide 4: Recovering Office Utilization & Return to Office Polices
Dream Office REIT 4 [Me Recovering Office Utilization & Return to Office Polices Several major Canadian financial institutions have announced returnto-office mandates starting in fall 2025, requiring employees to work in the office four days a week. These mandates are anticipated to increase utiliza
Slide 5: Downtown Toronto Reaches Inflection Point
Dream Office REIT 51M Downtown Toronto Reaches Inflection Point Downtown Toronto vacancy is reaching an inflection point, supported by declining sublease space availability and steady net rents. Additionally, active construction is declining and Q2 2025 marked the first full year with no new office
Slide 6: Portfolio key metrics
6.1 years $1.7 billion 85.3% 83% exposure by fair value (1 )
Slide 7: Active properties
166 Active properties 23 million Owned sf
Slide 8: Income producing properties
26 Income producing properties 4.8 million Owned sf
Slide 9: Strong Management Alignment Through Significant Insider Ownership
Dream Office REIT 9 | Ms 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 p
Slide 10: Debt and liquidity
51.8% $171 million 4.95% Weighted Average Level of debt* Total liquidity* Face Rate of Interest
Slide 11: Strong Leasing Momentum with Higher Rents
Dream Office REIT 11| Me Strong Leasing Momentum with Higher Rents Q2 YTD Leasing 2022 - 2025* aa 189,000 sf 507,000 Leases executed in Q2 500,000 400,000 343,000 ae S 3 3 . 6 0 300,000 eoufony Weighted Average Initial Rent on Toronto Downtown leases executed in Q2 200,000 ‘00,000 7.6 Years WALT on
Slide 12: Ownership in Dream Industrial REIT
Dream Office REIT 12| Me 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 man
Slide 13: Estimated Annualized Gross Rental Revenue by Tenant Industry
Dream Office REIT 13| Me Estimated Annualized Gross Rental Revenue by Tenant Industry Dream Office REIT has a diversified tenant mix across industries including Finance, Insurance, Government, Professional Services, Healthcare, Real Estate and Retail. @ Professional Services and Management 8.2% m Fi
Slide 14: Top Tenants
Dream Office REIT Top 10 Tenants Top 10 tenants make up approximately 32% of total annualized gross rent and 50% of our top tenants have credit ratings of A- or higher 14] Me Rank Tenant % of Rent* Investment 1 Heh Senne Government of Canada 5.8% Vv 2 7] rmyro na Frc International Financial Data Ser
Slide 15: Adelaide Place
Adelaide Place In-Place & Committed Occupancy Q2 2024 Q2 2025
Slide 16: Toronto, ON Newly Renovated
Toronto, ON Newly Renovated Retail GLA Office GLA
Slide 17: Properties Under Development Highlight
Dream Office REIT Properties Under Development Highlight 606-4" Building Calgary, AB With the redevelopment into a purpose- built rental, we aim to improve portfolio quality and occupancy through exposure to a strong asset class. The redevelopment is expected to enhance value of the asset and provid
Slide 18: Development properties in Toronto
250 Dundas St. West 212-220 King St. West 2200 Eglinton Ave. East Toronto, ON Toronto, ON Toronto, ON
Slide 19: Prioritizing Efficient and Livable Buildings
Dream Office REIT 19| Me Prioritizing Efficient and Livable Buildings ¢ Received Platinum-level recognition in 2024 from Green Lease Leaders for Team Transaction (designation is valid for 3 years) e Awarded Energy Manager of the Year by EM Honours 2025 Awards Program e — Recognized by Association of
Slide 20: Canada Infrastructure Bank Sustainability-Linked Loan
Dream Office REIT 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 million under its Commercial Building Retrofits Initiative.
Slide 21: Social and Governance
Dream Office REIT 21| Mh 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 s
Slide 22: Management Team and Board of Trustees
Dream Office REIT 22| Me Management Team and Board of Trustees Managemen Michael J. Cooper Chairman & CEO Service: 28 Years fd Experience: 37 Years © Amar Bhalla Donald Charter Michael J. Cooper Independent Independent Jay Jiang v7 CFO Service: 10 Years Experience: 17 Years Jane Gavan Qi Tang Karine
Slide 23: Bay Street Collection: Model Suites
Dream Office REIT 23 | Me Bay Street Collection: Model Suites Model Suites 67 Richmond St.
Slide 24: Bay Street Collection: Model Suites
Bay Street Collection: Model Suites Model Suites 80 Richmond St.
Slide 25: Bay Street Collection: Revitalizing our Core Downtown Assets
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
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 Bay Street Collection: Revitalizing our Core Downtown Assets Cu | cae ' | a TOTP TRE | TPT eee 56Temperance
Slide 28: Bay Street Collection: Revitalizing our Core Downtown Assets
Dream Office REIT 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
Bay Street Collection: Revitalizing our Core Downtown Assets Bay Street Collection - Before and After - 80 Richmond St.
Slide 30: Bay Street Collection: Revitalizing our Core Downtown Assets
Dream Office REIT 30| Mt Bay Street Collection: Revitalizing our Core Downtown Assets
Slide 31: Curating a destination in Downtown Toronto with Premium Restaurants
Curating a destination in Downtown Toronto with Premium Restaurants FF I aan FL Richmond | Opened’ June CO ty at INK-Restaurant - Daphne 181 University | Opened November, 2024 $ Chop Steakhouse & Bar hoe i q| idl; ¥ Uy Re iy: eT 150 y yori] se 280 Be BollpOpadsensetember en2s Alo Bar Downteen Milos
Slide 32: Michael J. Cooper | Chairman & CEO
Michael J. Cooper | Chairman & CEO (416) 365-5145 mcooper@dream.ca Jay Jiang | CFO (416) 365-6638 jjiang@dream.ca Gordon Wadley | COO (416) 365-6564 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