DREAM Unlimited Corp. Class A · TSX:DRM
DREAM Unlimited Corp. Class A — Dream Industrial REIT — Investor Presentation (November 2021)
75 slides from DREAM Unlimited Corp. Class A's investor presentation, November 2021
Slide 1: Dream Industrial REIT Investor Presentation
1 Dream Industrial REIT Investor Presentation November 2021
Slide 2: Presentation Overview
2 Presentation Overview Section 1 Our Company & Strategy Section 2 Investment Highlights Section 3 Sustainability Highlights Appendix I Track Record Appendix II Key Assets in Major Markets Appendix III Market Fundamentals
Slide 3: Our Company & Strategy
3 Our Company & Strategy
Slide 4: Company Snapshot
Dream Industrial REIT 4 Company Snapshot Dream Industrial REIT TSX: DIR.UN Dream Industrial REIT (DIR) owns and operates a $5 billion diversified portfolio of industrial real estate across Canada and Europe, supported by a platform with a 40M SF 221 proven track record of long-term value creation Ow
Slide 5: Focused Portfolio Strategy
Dream Industrial REIT 5 Focused Portfolio Strategy Canada Europe U.S. Target Markets Greater Toronto Germany, Netherlands, France Strong markets across the U.S. Greater Montréal 1. Supply/demand imbalance 1. Growing e-commerce 1. Strong e-commerce demand Rationale 2. Strong rental growth 2. Supply/d
Slide 6: Modern, Functional & Well-located Assets
Dream Industrial REIT 6 Modern, Functional & Well-located Assets Vaughan, ON Oakville, ON Montréal, QC Whitby, ON Montréal, QC Waddinxveen, Netherlands Breda, Netherlands Dresden, Germany Arnhem, Netherlands Berlin, Germany Paris, France Ede, Netherlands Blois, France Lyon, France Rotterdam, Netherl
Slide 7: Balanced Total Return Model
Dream Industrial REIT 7 Balanced Total Return Model Secure cash flows underpinned by Multiple drivers of cash flow and high quality portfolio and NAV growth investment grade balance sheet $5 billion globally diverse portfolio with significant scale in strong industrial markets + Organic growth – Str
Slide 8: Focus on Urban & Distribution Assets
Dream Industrial REIT 8 Focus on Urban & Distribution Assets Distribution1 Urban Logistics1 Light Industrial1 59% of IP Value 29% of IP Value 12% IP Value Europe Europe $93M $300M 15% 20% Europe Canada $1,617M $1,309M 55% 45% Canada Canada $514M $1,165M 85% 80% 24.6M 111 1,059 10.5M 81 543 4.7M 29 2
Slide 9: Flexible Balance Sheet with Ample Liquidity
Dream Industrial REIT 9 Flexible Balance Sheet with Ample Liquidity 1 Strong and Flexible Balance Sheet Capital Structure Net Debt-to-Assets3 33% 24% Mortgages Unencumbered Assets3 $3.4B Unsecured Debt 9% Equity 2 Available Liquidity3 $435M 3% Net Debt-to-EBITDA3 67% 7.8x Robust balance sheet with s
Slide 10: Q3-2021 Financial Highlights
Dream Industrial REIT 10 Q3-2021 Financial Highlights 1 Diluted FFO per Unit1 increased 25% year-over-year, led by strong CP NOI growth, NOI from acquired properties and lower cost of debt 2 Comparative properties NOI increased 7.5% year-over-year, led by Ontario at 15% 3 NAV per Unit1 increased 19%
Slide 11: Resilient Portfolio Outperformed During Recent Market Disruption
Dream Industrial REIT 11 Resilient Portfolio Outperformed During Recent Market Disruption Healthy demand for industrial space Strong leasing momentum 3.7 million square feet of leasing completed in 2020 and 3.4 million square feet of leasing completed YTD 2021 In-place and Committed Occupancy 98% 98
Slide 12: Strong Commitment and Focus on ESG
Dream Industrial REIT 12 Strong Commitment and Focus on ESG Environmental — — — — — Solar panels - Including existing panels, Sustainable roofs - 7M SF of our Lighting upgrades – ~12M SF of interior Green cost recovery - we are Water Management - saved over 15M targeting over 50,000 solar panels por
Slide 13: Investment Highlights: Multiple Growth Drivers
13 Investment Highlights: Multiple Growth Drivers of Cash Flow and NAV growth
Slide 14: Robust Leasing Momentum
Dream Industrial REIT 14 Robust Leasing Momentum ✓ Signed ~1 million square feet of leases since Q2-2021, and ~3.4 million square feet of leases YTD Achieved 20%+ spread with annual contractual rent growth of ~2% ✓ In-place occupancy increased 10 basis points quarter-to-quarter to 97.6% at Q3-2021,
Slide 15: Active Asset Management Case Studies
Dream Industrial REIT 15 Active Asset Management Case Studies 6701 Financial Drive, Mississauga, ON 165 Harwood Avenue N., Ajax, ON Distribution facility built in the early 2000s well-located in the GTA East Acquired class A distribution facility in the GTA in Q3-2020 for $23.9M, sub-market bein
Slide 16: Healthy Outlook for Internal Growth
Dream Industrial REIT 16 Healthy Outlook for Internal Growth In-place and committed base rent (psf) Estimated market rent (psf) $10.00 C$9.52 C$7.78 $7.50 € 4.55 € 4.89 $5.00 $2.50 $0.00 Canada Europe Market vs. +7.0% In-place rent - % +22.4% Ann. contractual rent 2.5% growth 2.0% With contractual r
Slide 17: Continued Portfolio Growth
Dream Industrial REIT 17 Continued Portfolio Growth Hurksestraat Cluster, Eindhoven, Netherlands 3100 Boulevard Des Batisseurs, Montréal, QC Doornhoek 4040, Veghel, Netherlands Koopvaardijweg 3, 3A, & 5, Oosterhout, Netherlands Since end of Q2-2021, ~$220M assets closed across Canada and Europe; a
Slide 18: Development Strategy
Dream Industrial REIT 18 Development Strategy Redevelopment of existing Greenfield development Intensification of excess land properties 30-acre site in the GTA (Brampton) that Over 25 sites in Ontario, Quebec, and Comprised of several sites in Ontario can add a 550,000 SF Class A logistics Europe w
Slide 19: Activating Development Pipeline – Greenfield
Dream Industrial REIT 19 Activating Development Pipeline – Greenfield Brampton East Lands, Range Road Project, Las Vegas1 Greater Toronto Area, ON 30-acre land parcel expected to support the development of ~550,000 square feet of prime logistics space Construction expected to commence in the next 18
Slide 20: Activating Development Pipeline – Intensification Marie Curie Boulevard
Dream Industrial REIT 20 Activating Development Pipeline – Intensification 401 Marie Curie Boulevard, Greater Montréal Area Current Property 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
Slide 21: Activating Development Pipeline – Intensification East Beaver Creek
Dream Industrial REIT 21 Activating Development Pipeline – Intensification 100 East Beaver Creek, Greater Toronto Area 110,000 square foot property located in the GTA, in close proximity to Highways 404 and 407 Expanding property by over 40,000 square feet; construction scheduled to start in Q4-2021
Slide 22: Activating Development Pipeline – Intensification Radeberg
Dream Industrial REIT 22 Activating Development Pipeline – Intensification Christoph-Seydel-Straße 1, Radeberg, Germany 274,000 square foot property on 30.4 acres located in Current Property Radeberg, Germany, adjacent to Dresden with 24’ clear height Excess land will support a 241,000 square foot l
Slide 23: Access to Low-Cost Debt Has Improved Balance Sheet Quality
Dream Industrial REIT 23 Access to Low-Cost Debt Has Improved Balance Sheet Quality 1 Cross Currency Hedging Euro-equivalent debt hedges foreign currency exposure on Euro assets 2 Raised $1.1B of unsecured debt at an average all-in fixed interest rate of only 0.4% after swapping to Euros, bringing t
Slide 24: Transitioning Towards Materially Lower Cost of Debt
Dream Industrial REIT 24 Transitioning Towards Materially Lower Cost of Debt Q2 2017 Q3 2021 Conceptual Debt Mix2 2% 32% 37% 46% 3.8% 0.9% <1% Weighted Avg. 54% Weighted Avg. Weighted Avg. Interest Rate Interest Rate Interest Rate 66% 63% ` Canadian Dollar Debt Euro and Euro-equivalent Debt Equity1
Slide 25: Limited Cash Obligations Provides Significant Acquisition Capacity
Dream Industrial REIT 25 Limited Cash Obligations Provides Significant Acquisition Capacity $600 ~$435M 3.9 0.9% 497.68 502.567 Available liquidity3 $500 years WAIR2 475.168 WATM1 $400 Millions CAD $300 ~33% 266.279 Net debt-to-assets3 $200 $100 ~$200M 33.553 Acquisition Capacity $0 2021 2022 2023 2
Slide 26: Investment Highlights: Secure Cash Flow
26 Investment Highlights: Secure Cash Flow
Slide 27: E-commerce Demand Continuing to Accelerate
Dream Industrial REIT 27 E-commerce Demand Continuing to Accelerate Rising e-commerce penetration… …leading to increased demand for industrial space Canada United States Netherlands Germany France 20% Cumulative E-Commerce Growth Cumulative Net Absorption $500 574 MSF 600 E-commerce Penetration 15%
Slide 28: Urban Asset Portfolio Provides Strong Competitive Advantage
Dream Industrial REIT 28 Urban Asset Portfolio Provides Strong Competitive Advantage Strong Demand Steep Barriers to Entry Development Costs – Rising labour and material costs have added to the difficulty of constructing within the Location - Access to large population centres city’s core Lack of Su
Slide 29: Broad Tenant Base Provides Diversified Rental Income
Dream Industrial REIT 29 Broad Tenant Base Provides Diversified Rental Income Use of Space by Annualized Gross Rent1 Industry Exposure by Annualized Gross Rent1 Other Logistics Cold Storage 7% Other* 20% Office 2% 25% 6% Paper, Printing and Packaging 5% Food and Beverage Light Industrial Auto 15% 21
Slide 30: Well-Diversified by Tenant Size
Dream Industrial REIT 30 Well-Diversified by Tenant Size Tenant Size Breakdown By Annualized Gross Rent1 Tenant Size Breakdown By # Of Tenants2 >100,000 sq. ft. 50,000-100,000 sq. ft. 82 tenants <15,000 sq. ft. 68 tenants 22% >100,000 sq. ft. 42% 15,000-50,000 sq. ft. 179 tenants 15,000-50,000 sq. f
Slide 31: Top Tenants Consist of Renowned Global Companies
Dream Industrial REIT 31 Top Tenants Consist of Renowned Global Companies Top 10 tenants by gross revenue Industry Use of Space Auchan, a privately owned French international retail group, is one of the largest Food and Distribution & grocery chains in France with €32B in annual revenues, and the 11
Slide 32: Balanced Lease Maturity Profile
Dream Industrial REIT 32 Balanced Lease Maturity Profile1 100% Percentage of overall portfolio of GLA 80% 60% 84.9% 87.2% 89.6% 89.4% 98.6% 40% 20% 15.1% 12.8% 10.4% 10.6% 1.4% 0% 2021 2022 2023 2024 2025 Expiries – Canada Expiries – Europe Committed GLA WALT of 4.4 years and with staggered lease ex
Slide 33: Consistently High Occupancy
Dream Industrial REIT 33 Consistently High Occupancy Committed Occupancy Retention Ratio 100% 100% 97% 97% 98% 96% 96% 96% 95% 95% 96% 96% 80% 80% 80% 78% 76% Committed Occupancy 73% 74% 70% 71% Retention Ratio 67% 67% 63% 60% 60% 40% 40% 20% 20% 2012 2013 2014 2015 2016 2017 2018 2019 2020 Q3-2021
Slide 34: Conservative Financial Policy
Dream Industrial REIT 34 Conservative Financial Policy 1 Maintain overall leverage in the mid-to-high 30s 2 Maintain investment grade credit rating and pursue unsecured financings 3 Maintain secured debt below 20% of total assets 4 Maintain unencumbered asset pool above 40% of IP Value 5 Staggered a
Slide 35: Strong and Flexible Balance Sheet
Dream Industrial REIT 35 Strong and Flexible Balance Sheet Focused de-leveraging while upgrading portfolio Shift to unsecured financing model significantly increased improved financial flexibility unencumbered asset pool 1 1 Net Debt To Assets Net Debt To Adjusted EBITDAFV 1 80% 9.0x Unencumbered as
Slide 36: Sustainability Highlights
36 Sustainability Highlights
Slide 37: ESG Strategy
Dream Industrial REIT 37 ESG Strategy “Our sustainability strategy enables us to establish meaningful and realistic benchmarks, measure our progress and integrate our environmental and social obligations into the ways we manage our business and create value. We have joined the Net Zero Asset Manager
Slide 38: Green Property Operations
Dream Industrial REIT 38 Green Property Operations 1 Expand our tenant ESG engagement program 1 Native plant species, 1 Install reflective roofing with trees, beehives greater insulation 2 Collect and track data on energy and water use 2 Reduce water consumption 2 Evaluate feasibility of solar panel
Slide 39: Capital Investments in Clean Power
Dream Industrial REIT 39 Capital Investments in Clean Power Netherlands Canada Finalized feasibility studies of three projects (2 in Alberta, 1 in the Netherlands) totalling 600K sf with a total system capacity of ~4 MW; total investment of ~$5 million with targeted unlevered IRR of 7.5% and yield o
Slide 40: Green Investment Strategy
Dream Industrial REIT 40 Green Investment Strategy Pursue the acquisition and development of Ensure that sustainable metrics are gathered buildings with green certifications. during due diligence. Incorporate sustainable expenditures into our Assess our potential to add impactful value underwriting
Slide 41: Green Financing
Dream Industrial REIT 41 Green Financing Released Green Financing Framework in accordance with the UN Sustainable Development Goals Issued $400 million inaugural Green Bond, with proceeds expected to be allocated towards green buildings, energy efficiency, renewable energy, sustainable water and was
Slide 42: Appendix I: Track Record
Appendix |: | Siz Track Record ,
Slide 43: Our Company
Dream Industrial REIT 43 Our Company Global Acquisition Selective Conservative Financial Asset Management Platform Capital Recycling Policy Local on the ground teams with Selective recycling program and Drive organic NOI and NAV Maintain conservative leverage, a strong track record of sourcing redep
Slide 44: Experienced Management Team
Dream Industrial REIT 44 Experienced Management Team Brian Pauls Alex Sannikov Lenis Quan Bruce Traversy CEO COO CFO SVP, Head of Investments Joe Iadeluca Victor Settino Sharlene McKillop Sjoerd Barmentloo SVP, Portfolio Management VP, Development VP, Property Management Director, Asset Management M
Slide 45: Strong Track Record of Disciplined Capital Allocation
Dream Industrial REIT 45 Strong Track Record of Disciplined Capital Allocation Since 2018, recycled over $280 million of non-core assets and acquired more than $3.3 billion of higher quality assets that are Increased NAV by 50% since year-end 2016 located in better markets with higher growth potenti
Slide 46: Solid Track Record of Asset Management and Investments
Dream Industrial REIT 46 Solid Track Record of Asset Management and Investments Strong leasing track record Robust acquisition platform 100% $5.5 $5.0 85% 87% 4.2 80% $5.0 78% 71% $4.5 63% 75% IP Value – Billions CAD 3.4 $4.0 Retention ratio $3.5 $3.2 Millions SF 50% 2.6 $3.0 $2.4 $2.5 $2.1 1.8 25%
Slide 47: Portfolio Transformation - Improving asset quality
Dream Industrial REIT 47 Portfolio Transformation - Improving asset quality 16M SF 12K SF 21.6 ft. 25K SF 28.0 ft. Avg. tenant Avg. clear 40M SF Avg. clear GLA GLA Avg. tenant size height height size YE 2016 Q3 2021 24% ABR1 6.7% 67% 42% ABR1 79% from Net rental from 5.1% Net rental Stabilized incom
Slide 48: Appendix II: Key Assets in Major Markets
48 Appendix II: Key Assets in Major Markets Utrecht, Netherlands
Slide 49: Urban Assets Toronto
Dream Industrial REIT 49 Urban Assets Toronto 410 427 400 401 409 404 403 Significant portfolio concentration in close proximity to the largest population centre in Canada $1,271M 357 98.5% 40 5.8M SF 4.7 yrs IP Value Acres Occupancy Assets GLA WALT
Slide 50: Urban Assets: Montréal
Dream Industrial REIT 50 Urban Assets: Montréal Attractive mix of large distribution facilities and strategically located urban logistics properties in a land- constrained market $711M 286 98.3% 30 4.9M SF 3.4 yrs IP Value Acres Occupancy Assets GLA WALT
Slide 51: Urban Assets: Calgary
Dream Industrial REIT 51 Urban Assets: Calgary Assets located in close proximity to Calgary city centre and major transportation corridors $414M 177 93.2% 20 3.2M SF 3.8 yrs IP Value Acres Occupancy Assets GLA WALT
Slide 52: Urban Assets: Netherlands
Dream Industrial REIT 52 Urban Assets: Netherlands Randstad Urban assets strategically located near dense population centres and well-suited for e- commerce tenants $877M 204 99.3% 48 6.0M SF 6.8 yrs IP Value Acres Occupancy Assets GLA WALT
Slide 53: Key Assets in the Greater Toronto Area
Dream Industrial REIT 53 Key Assets in the Greater Toronto Area Matheson Business Park, Mississauga 6581–6601 Kitimat Road, Mississauga $85M 306K SF 16 $80M 318K SF 17 IP Value GLA Acres IP Value GLA Acres 18 feet 99% 10 25 feet 100% 1 Clear height Occupancy Num. of buildings Clear height Occupancy
Slide 54: Key Assets in the Greater Toronto Area
Dream Industrial REIT 54 Key Assets in the Greater Toronto Area South Service Road Assets, Oakville 2360 Cornwall Road, Oakville $52M 207K SF 12 $52M 200K SF 10 IP Value GLA Acres IP Value GLA Acres 23 feet 100% 3 28 feet 100% 1 Clear height Occupancy Num. of buildings Clear height Occupancy Num. of
Slide 55: Key Assets in the Greater Toronto Area
Dream Industrial REIT 55 Key Assets in the Greater Toronto Area 750 Creditstone & 121 Pippin Road, Vaughan 275 Wellington Street East, Aurora $74M 346K SF 18 $55M 317K SF 16 IP Value GLA Acres IP Value GLA Acres 24 feet 100% 2 27 feet 100% 1 Clear height Occupancy Num. of buildings Clear height Occu
Slide 56: Recent acquisitions in Greater Toronto Area
Dream Industrial REIT 56 Recent acquisitions in Greater Toronto Area 1602 Tricont Avenue, Whitby 6701 Financial Drive, Mississauga $45M 259K SF 19 $32M 116K SF 6 IP Value GLA Acres IP Value GLA Acres 35 feet 98% 1 30 feet 87% 1 Clear height Occupancy Num. of buildings Clear height Occupancy Num. of
Slide 57: Key Assets in the Greater Montréal Area
Dream Industrial REIT 57 Key Assets in the Greater Montréal Area Montréal Airport Lachine Cluster Laval Cluster $88M 734K SF 39 $119M 776K SF 40 IP Value GLA Acres IP Value GLA Acres 20 feet 99% 9 22 feet 99% 9 Clear height Occupancy Num. of buildings Clear height Occupancy Num. of buildings Located
Slide 58: Key Assets in the Greater Montréal Area
Dream Industrial REIT 58 Key Assets in the Greater Montréal Area 1900 rue Dickson, Montréal 401 Marie Curie Boulevard, Montréal $35M 225K SF 17 $121M 525K SF 38 IP Value GLA Acres IP Value GLA Acres 26 feet 100% 1 30 feet 100% 1 Clear height Occupancy Num. of buildings Clear height Occupancy Num. of
Slide 59: Key Assets in Calgary
Dream Industrial REIT 59 Key Assets in Calgary Sunridge Business Park, Calgary Glenmore Business Park, Calgary $109M 597K SF 38 $102M 848K SF 46 IP Value GLA Acres IP Value GLA Acres 24 feet 98% 12 19 feet 94% 16 Clear height Occupancy Num. of buildings Clear height Occupancy Num. of buildings 12-bu
Slide 60: Key Assets in the Netherlands
Dream Industrial REIT 60 Key Assets in the Netherlands Prismalaan West 3, Bleiswijk, Netherlands Exportweg 2-20, Amsterdam, Netherlands €43.7M 20,868 SQM 7.8 €22.7M 15,712 SQM 6 IP Value GLA Acres IP Value GLA Acres 34 ft 100% 1 34 ft 100% 1 Clear height Occupancy Num. of buildings Clear height Occu
Slide 61: Key Assets in the Netherlands
Dream Industrial REIT 61 Key Assets in the Netherlands Kobaltweg 50, Utrecht, Netherlands Klokkenbergweg 50, Kuiperbergweg 29, Ede, Netherlands €5.5M 6,327 SQM 2.6 €6.5M 6,771 SQM 1.4 IP Value GLA Acres IP Value GLA Acres 13 ft 100% 1 16 ft 100% 1 Clear height Occupancy Num. of buildings Clear heigh
Slide 62: Key Assets in the Netherlands
Dream Industrial REIT 62 Key Assets in the Netherlands Markkaweg 1, Breda, Netherlands Stevinlaan 4, Ede, Netherlands €12.1M 7,949 SQM 1.7 €29.5M 17,763 SQM 6.7 IP Value GLA Acres IP Value GLA Acres 40 ft 100% 1 36 ft 100% 1 Clear height Occupancy Num. of buildings Clear height Occupancy Num. of bui
Slide 63: Key Assets in the Netherlands
Dream Industrial REIT 63 Key Assets in the Netherlands Lipariweg 6, Amsterdam, Netherlands Zeppelinstraat 8, Berkel en Rodenrijs, Netherlands €31.3M 24,965 SQM 8 €32.3M 26,292 SQM 12.3 IP Value GLA Acres IP Value GLA Acres 33 ft 100% 1 29 ft 100% 1 Clear height Occupancy Num. of buildings Clear heig
Slide 64: Key Assets in the Netherlands
Dream Industrial REIT 64 Key Assets in the Netherlands Mesonweg 6, Utrecht, Netherlands Laan Van Ypenburg 20-120 (TPY), The Hague, Netherlands €28.1M 16,989 SQM 5.7 €100M 56,180 SQM 25.4 IP Value GLA Acres IP Value GLA Acres 40 ft 100% 1 22 100% 5 Clear height Occupancy Num. of buildings Num. of ten
Slide 65: Key Assets in Germany
Dream Industrial REIT 65 Key Assets in Germany 1 Christoph-Seydel-Straße, Radeberg, Germany 1-9 Siemensstraße, Eppertshausen, Greater Frankfurt Area, Germany $33M 274K SF 30 $41M 302K SF 12 IP Value GLA Acres IP Value GLA Acres 24 ft 98% 1 34 ft 93% 3 Clear height Occupancy Num. of buildings Clear h
Slide 66: Key Assets in Germany
Dream Industrial REIT 66 Key Assets in Germany 1 Emil-Lux-Straße, Wermelskirchen, Germany 40 Talweg, Offenau, Germany $67M 435K SF 19 $29M 182K SF 8 IP Value GLA Acres IP Value GLA Acres 32 ft 100% 1 26 ft 100% 1 Clear height Occupancy Num. of buildings Clear height Occupancy Num. of buildings Locat
Slide 67: Key Assets in France
Dream Industrial REIT 67 Key Assets in France Parc des Béliers – 62117, Brebières, France 131 Av de Vidauque, Cavaillon, France $122M 809K SF 57 $44M 328K SF 15 IP Value GLA Acres IP Value GLA Acres 39 ft 100% 1 32 ft 100% 1 Clear height Occupancy Num. of buildings Clear height Occupancy Num. of bui
Slide 68: Key Assets in Spain
Dream Industrial REIT 68 Key Assets in Spain 10 B-2, Carrer d'Europa, Constanti, Tarragona, Spain 2 Avenida Gran Europa, Torija, Guadalajara, Spain $33M 279K SF 8 $21M 273K SF 10 IP Value GLA Acres IP Value GLA Acres 33 ft 100% 1 38 ft 100% 1 Clear height Occupancy Num. of buildings Clear height Occ
Slide 69: Appendix III: Market Fundamentals
69 Appendix III: Market Fundamentals Utrecht, Netherlands
Slide 70: Canadian Market Fundamentals
Dream Industrial REIT 70 Canadian Market Fundamentals 35 Millions SF $12.00 6.0% 30 $10.00 5.0% 25 $8.00 4.0% 20 $6.00 3.0% 15 $4.00 2.0% 10 5 $2.00 1.0% 0 $0.00 0.0% 2014 2015 2016 2017 2018 2019 2020 Q3-2021 2014 2015 2016 2017 2018 2019 2020 Q3-2021 New Supply Absorption Market Rent (Left) Availi
Slide 71: Fundamentals in our Target Canadian Markets
Dream Industrial REIT 71 Fundamentals in our Target Canadian Markets $11.50 4% $8.50 9% $8.00 8% $10.50 7% 3% $7.50 $9.50 6% $7.00 5% $8.50 2% 4% $6.50 $7.50 3% $6.00 1% 2% $6.50 $5.50 1% $5.50 0% $5.00 0% Q2-2016 Q3-2016 Q4-2016 Q1-2017 Q2-2017 Q3-2017 Q4-2017 Q1-2018 Q2-2018 Q3-2018 Q4-2018 Q1-201
Slide 72: European Market Fundamentals
Dream Industrial REIT 72 European Market Fundamentals Germany The Netherlands Supported by the world’s fourth largest economy, Germany Fourth largest occupier market in Europe which has a is Europe’s leading logistics market strong and mature logistics sector On top of the strength of both dom
Slide 73: European Market Fundamentals
Dream Industrial REIT 73 European Market Fundamentals France Spain Until 2020, consistently the second largest and one of the Substantial growth in terms of both take-up and stock since most mature logistics occupier markets in Europe 2016 due to the modernization and restructuring of supply cha
Slide 74: Thank you
74 Thank you Utrecht, Netherlands
Slide 75: Forward Looking Information Non-GAAP Measures
75 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 the Dream Industrial REIT’s (the “Trust”) objectives and strategies t
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