Dream Unlimited Corp. Class A · TSX:DRM
Dream Unlimited Corp. Class A — Dream Industrial REIT — Investor Presentation (November 2025)
48 slides from Dream Unlimited Corp. Class A's investor presentation, November 2025
Slide 1: Investor Presentation
Investor Presentation November 2025
Slide 2: Overview
Dream Industrial REIT 2 Overview 01 Our Company & Strategy 02 Urban & Resilient Portfolio 03 Development & Intensification 04 Private Capital 05 Ancillary Growth 06 Financial Policy 07 ESG Highlights 1100 Courtneypark Drive East, Cover image: Crossiron Distribution Centre, Balzac, Alberta Mississaug
Slide 3: Our Company & Strategy
Exportweg 2–20, Waddinxveen, Netherlands Dream Industrial REIT Our Company & Strategy
Slide 4: Company Snapshot
Dream Industrial REIT 4 Company Snapshot Our Industrial Platform $7B + $9B = $16B Q3 2025 Dream Industrial Investment Properties Private Partnerships Industrial Platform Key Highlights 73.2M SF 95.4% Wholly -Owned Portfolio Owned and In-Place and C ommitted managed GLA 1 Occupancy 2 Canada Europe $4
Slide 5: Multiple Drivers of Value Creation
Dream Industrial REIT 5 Multiple Drivers of Value Creation Organic NOI Growth NAV per Unit Growth FFO per Unit Growth Attractive Valuation Strong rent mark -to-market potential Robust pace of organic growth High occupancy level of 95.4% Favorable fundamentals driving continued growth in market rents
Slide 6: Strong Organic Growth and Diluted FFO per Unit Driven by Rental Growth
Dream Industrial REIT 6 Strong Organic Growth and Diluted FFO per Unit 1 Driven by Rental Growth Strategic initiatives have allowed us to deliver a consistently strong pace of organic growth and steady FFO per Unit 1 growth while maintaining a healthy and flexible balance sheet Change in in-place ba
Slide 7: Q3 2025 Financial and Operational Highlights
Dream Industrial REIT 7 Q3 2025 Financial and Operational Highlights 1 Diluted FFO per unit 1 in Q3 2025 was $0.27 , up 4.3% compared to Q3 2024. 2 Comparative properties NOI 1 (“CP NOI”) increased 6.4% year -over-year in Q3 2025, driven by increase in in -place rents of 7.6% . From July 1 to Octobe
Slide 8: Experienced Management Team
Dream Industrial REIT 8 Experienced Management Team Alex Sannikov Lenis Quan Bruce Traversy Gord Wadley President & CEO CFO CIO COO* Kimberley Hill Andrew Cunningham Matthewz Virgini Shane Henke Sjoerd Barmentloo SVP, Customer Solutions VP, Portfolio Management VP, Portfolio Management, VP, Portfoli
Slide 9: Our Strategic Components
Dream Industrial REIT 9 Our Strategic Components Urban & Resilient Portfolio Development & Intensification Executing on near -term development pipeline to add Focus on modern, functional and well -located urban assets. high -quality assets to the portfolio in core urban markets, Built -in organic gr
Slide 10: Urban & Resilient Portfolio
1100 Courtneypark Drive East, Mississauga, ON, Canada Dream Industrial REIT Urban & Resilient Portfolio
Slide 11: What is Urban Industrial?
Dream Industrial REIT 11 Urban/Last Mile Logistics What is Urban IOS (Industrial Outside Storage) Industrial? Light Industrial Well-located in urban Suitable for warehousing, light May service a network of last centres or nearby assembly and delivery to mile facilities and handle highway networks en
Slide 12: Focus on Modern, Functional & Well-located Urban Industrial Assets
Dream Industrial REIT 12 Focus on Modern, Functional & Well -located Urban Industrial Assets 1 Distribution 1 Urban Logistics 1 Light Industrial 54% of IP Value 31% of IP Value 015% IP Value 0 0 0 0% Europe 0% Europe Europe $2,119 $488 $101 56% 22% 9% Canada Canada Canada $1,690 $1,730 $992 44% 78%
Slide 13: Broad Tenant Base Provides Diversified Rental Income
Dream Industrial REIT 13 Broad Tenant Base Provides Diversified Rental Income 1 Use of Space by Annualized Gross Rent 1 Industry Exposure by Annualized Gross Rent 1 Temperature Other controlled 4% Logistics Office 4% Other 2 27% 18% 4% Consumer Light industrial Goods 21% Technology 13% 5% Distributi
Slide 14: Top Tenants Consist of Renowned Global Companies
Dream Industrial REIT 14 Top Tenants Consist of Renowned Global Companies Use of Top 10 tenants by gross revenue Industry Space Auchan , a privately owned French international retail group, is one of Food and Distribution & the largest grocery chains in France with €32B in annual revenues, and Bever
Slide 15: Urban-Focused Industrial Portfolio – Ontario
Dream Industrial REIT 15 Urban -Focused Industrial Portfolio – Ontario* Dream Industrial Dream Summit Industrial 24.1M SF 209 Properties *As at September 30, 2025
Slide 16: Urban-Focused Industrial Portfolio – Quebec
Dream Industrial REIT 16 Urban -Focused Industrial Portfolio – Quebec* Dream Industrial Dream Summit Industrial 10.6M SF 73 Properties *As at September 30, 2025
Slide 17: Urban-Focused Industrial Portfolio – Greater Calgary Area
Dream Industrial REIT 17 Urban -Focused Industrial Portfolio – Greater Calgary Area* Dream Industrial Dream Summit Industrial 7.1M SF 80 Properties *As at September 30, 2025
Slide 18: Urban-Focused Industrial Portfolio – Western Europe
Dream Industrial REIT 18 Urban -Focused Industrial Portfolio – Western Europe* Dream Industrial 10.9M SF 76 Properties *As at September 30, 2025
Slide 19: Urban Portfolio with Embedded Upside
Dream Industrial REIT 19 Urban Portfolio with Embedded Upside Strong mark -to-market potential Contractual rent growth Robust leasing momentum Opportunity to drive strong Along with capturing substantial Leasing momentum for our highly organic growth with a 12.4% rental rate growth, we diversified a
Slide 20: Outlook for Organic Growth
Dream Industrial REIT 20 Outlook for Organic Growth Canada Q3 2025 Leasing Highlights $11.52 $13.81 165K SF +100% Renewal Prior Rent Laval, QC Average in -place and Canadian Market committed base rent avg. rent per sq. ft per sq. ft 120K SF +87% vs Renewal Prior Rent +19.9 % Ottawa, ON Mark -to-mark
Slide 21: Stable Occupancy Throughout Portfolio
Dream Industrial REIT 21 Stable Occupancy Throughout Portfolio Continued strong and stable occupancy across all regions and portfolios In -place and Committed Occupancy / Occupancy by Region Retention Ratio 1 As at Q3 2025 Committed Occupancy Retention Ratio Ontario 95.3% 100% 99% 96% 96% 96% 95% 95
Slide 22: Lease Maturities Paving the Way for Near-term Organic Growth
Dream Industrial REIT 22 Lease Maturities Paving the Way for Near -term Organic Growth Ontario Qu ébec 2,500 $16.10 $16.00 2,500 $13.33 $20.00 Estimated Regional Estimated Regional Market Rent $12.10 Market Rent 2,000 $10.44 2,000 $16.00 $12.00 $12.33 1,500 $7.79 $10.36 $10.54 1,705 1,500 $12.00 1,4
Slide 23: Development & Intensification
Water Street, Whitby, ON, Canada Dream Industrial REIT Development & Intensification
Slide 24: Development Strategy - Overview
Dream Industrial REIT 24 Development Strategy - Overview We continue to build and execute on a development pipeline across our target markets. Our development program consists of three key pillars: Greenfield Intensification of Redevelopment of Development Excess Land Existing Properties Target the
Slide 25: Development Strategy - Snapshot
Dream Industrial REIT 25 Development Strategy - Snapshot Focus on executing on near -term development pipeline to add high -quality brand -new logistics space to the portfolio in predominantly urban markets, with targeted yield on cost of 6.0 - 7.0% Intensification of Redevelopment of Greenfield Dev
Slide 26: Development Strategy - Highlights
Dream Industrial REIT 26 Development Strategy - Highlights Completed/Substantially Developments Underway / Complete Planning 209,000 sf Mississauga, ON 3,000 sf Helmond, Netherlands Fully Leased Fully Leased 6.5% 7.0% yield on cost yield on cost 154,000 sf Caledon, ON 178,000 sf Barneveld, Netherlan
Slide 27: Private Capital Partnerships
Loděnická Allendale 963, Pohořelice, Cambridge,Czech ON,Republic Canada Dream Industrial REIT Private Capital Partnerships
Slide 28: Private Capital Partnerships
Dream Industrial REIT 28 Private Capital Partnerships 4 35M+ SF $9B ~$1 billion Partnerships GLA IP Value of acquisitions over the past 24 months Dream Summit Joint Venture U.S. Industrial Fund JV between Dream Industrial REIT and GIC which The fund’s strategy is to invest in high -quality core, acq
Slide 29: Highly Scalable Property Management Platform
Dream Industrial REIT 29 Highly Scalable Property Management Platform 12.8 $11.2M $11.5M 11.2 1 9.6 $9.1M Net PM Fees (millions) 8.0 6.4 4.8 $3.6M 3.2 1.6 $0.6M $0.0M 0.0 2020 2021 2022 2023 2024 YTD 2025 Annualized Property management revenue is driven by organic revenue growth within private partn
Slide 30: Ancillary Revenue Opportunities
Laan van Ypenburg 108, The Hague, Netherlands Dream Industrial REIT Ancillary Revenue Opportunities
Slide 31: Solar Revenue Model
Dream Industrial REIT 31 Solar Revenue Model Canada Netherlands and Germany Tenants buy all the solar electricity In addition to tenants buying our generated by Dream Industrial at a solar electricity, we sell power to predetermined rate with escalations the grid at a subsidized minimum rate Solar w
Slide 32: Capital Investments in Clean Power
Dream Industrial REIT 32 Capital Investments in Clean Power 26 $28M 12% Projects substantially complete and Estimated cost of completed and Estimated yield on cost of completed under management substantially completed projects projects 49,000 23 MW $1.9M System capacity of completed Solar panels ins
Slide 33: Medium-Term Solar Pipeline
Dream Industrial REIT 33 Medium -Term Solar Pipeline 12 120MW 8% - 10% Project under construction Potential in investment pipeline targeted yield on cost Alternative Solar Strategies Buyback of third -party solar Repowering of existing solar Sale of surplus energy systems installations Ottawa, ON Ca
Slide 34: Alternative Uses
Dream Industrial REIT 34 Alternative Uses Temperature Controlled Data Centres Facilities 13 sites selected for due diligence ~2M SF of existing assets with across Canada, with advanced significant conversion and deposits on two for 105MW build -to-suit opportunities Mixed-use Intensification Self St
Slide 35: Assessing Significant Power Potential
Dream Industrial REIT 35 Assessing Significant Power Potential We are advancing our strategy to upgrade power capacity at select properties within our portfolio for data centre uses . We are currently conducting due diligence on 13 sites across Canada that could accommodate a total critical load of
Slide 36: Conservative Financial Policy
401 Rue Marie Curie, Vaudreuil-Dorion, QC, Canada Dream Industrial REIT Conservative Financial Policy
Slide 37: Flexible Balance Sheet with Ample Liquidity
Dream Industrial REIT 37 Flexible Balance Sheet with Ample Liquidity Robust balance sheet with superior tenant and portfolio diversification supports BBB (high) Investment Grade credit rating with Stabl e trends Strong and Flexible Balance Sheet Capital Structure Net Total Debt -to-Total Assets 32%
Slide 38: Defensive and Flexible Balance Sheet: Unencumbered Investment Properties Pool
Dream Industrial REIT 38 Defensive and Flexible Balance Sheet ~5% net total debt -to-total assets (net of cash and cash equivalents) 1 reduction since year -end 2018 with a ~62x increase in the unencumbered investment properties 1 pool since 2019; secured debt 1 now 5.3% of total assets Focused de -
Slide 39: Staggered Debt Maturity Profile Provides Significant Balance Sheet Flexibility
Dream Industrial REIT 39 Staggered Debt Maturity Profile Provides Significant Balance Sheet Flexibility Well-staggered debt maturities provide strong liquidity position well in line with targeted leverage $1,200M $747M undrawn revolving $990M credit facility 1 $82M Outstanding Balance at Maturity $8
Slide 40: ESG Highlights
Kamerlingh Onnesweg 2-4a/Bessemerstraat 1-10, Dordrecht, Netherlands Dream Industrial REIT ESG Highlights
Slide 41: ESG Highlights
Dream Industrial REIT 41 ESG Highlights Environmental Social Governance 650,000 sf of LED lighting upgrades 1 Improved Financial Resiliency 52% High -quality, diverse global portfolio with an Over 1.2 Million sf of green building of managers are women 4 investment -grade balance sheet certifications
Slide 42: Appendix
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Slide 43: Value-Add Case Study: Veghel
Dream Industrial REIT 43 Value -Add Case Study: Veghel Located in Veghel , Netherlands, the 88,000 -sf asset is situated on a 2.5 -acre site within a prime European logistics hub with scarce supply. The building features a functional design and accommodates a diverse range of occupiers including thi
Slide 44: Urban Industrial Case Study: Richmond Hill
Dream Industrial REIT 44 Urban Industrial Case Study: Richmond Hill Located in Richmond Hill, the site offers excellent transportation accessibility, strengthening DIR’s strategic footprint in the Greater Toronto Area (“GTA”) North. With 550,000 square feet of existing assets located nearby this nod
Slide 45: Urban IOS Case Study: North Vancouver
Dream Industrial REIT 45 Urban IOS Case Study: North Vancouver The site is strategically located near major trucking and shipping routes, supporting diverse tenants — self -storage, parking, infrastructure, warehousing, and marine uses — with in -place rents well below market. The high demand and lo
Slide 46: Urban Industrial Case Study: Courtneypark
Dream Industrial REIT 46 Urban Industrial Case Study: Courtneypark Located in central Mississauga, the site offers excellent transportation accessibility, with proximity to six major 400 -series highways and Toronto Pearson Airport. This state -of-the-art, last -mile urban industrial facility featur
Slide 47: Disclaimer
Dream Industrial REIT 47 Disclaimer Forward Looking Information This investor presentation may contain forward -looking information within the meaning of applicable securities legislation, including but not limited to statements relating to: the Trust’s objectives and strategies to achieve those obj
Slide 48: Disclaimer
Dream Industrial REIT 48 Disclaimer Non -GAAP Financial Measures, Ratios and Supplementary Financial Measures The Trust’s consolidated financial statements are prepared in accordance IFRS Accounting Standards as issued by the International Accounting Standards Board (“IFRS”) . In this investor prese
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