DREAM Unlimited Corp. Class A · TSX:DRM
DREAM Unlimited Corp. Class A — Dream Industrial REIT — Investor Presentation (August 2022)
41 slides from DREAM Unlimited Corp. Class A's investor presentation, August 2022
Slide 1: Dream Industrial REIT August 2022
Dream Industrial REIT August 2022
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
6 Dream Industrial REIT Company Snapshot Dream Industrial REIT TSX: DIR.UN Dream Industrial REIT (DIR) owns, operates and manages a $6.4 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 valu
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: Focused Portfolio Strategy
6 Dream Industrial REIT Focused Portfolio Strategy Target Markets Rationale Target Assets Target Strategies FON (+) Canada Greater Toronto Area Greater Montréal Area 1. Supply/demand imbalance Strong rental growth Mark-to-market potential Urban land assembly 100K+ SF distribution assets 50K+ SF urba
Slide 8: Focus on Modern, Functional & Well-located Urban & Distribution Assets
Dream Industrial REIT Focus on Modern, Functional & Well-located Urban & Distribution Assets Distribution’ 55% of IP Value Europe $1,899M 54% Canada $1,591M 46% 29.0M 132 1,180 Square feet Assets Acres Stuttgart, Germany Blois, France 1 Excludes equity-accounted investment Urban Logistics" 30% of IP
Slide 9: Organic Growth and Value-Add
Mortgages Unsecured Debt Equity
Slide 10: Q2 and YTD 2022 Financial Highlights
6 Dream Industrial REIT Q2 and YTD 2022 Financial Highlights Diluted FFO per Unit! increased 12.6% year-over-year in Q2 2022, led by strong organic growth, lower cost of debt, and robust pace of capital deployment. Comparative properties NOI? increased 10.1 % year-over-year in Q2 2022, led by Ontari
Slide 11: ESG Highlights
6 Dream Industrial REIT ESG Highlights @) nvironmental Social Governance 1.2 Milli 61% Developed ESG Framework on iM fon 1 of managers are women? Outlining key milestones and initiatives with sf of LED lighting upgrades executive compensation linked to ESG metrics and one 63% deliverabl 2.5 Million
Slide 12: Strong Track Record of Disciplined Capital Allocation
6 Dream Industrial REIT (@) Strong Track Record of Disciplined Capital Allocation Since 2018, recycled approximately $275 million of non-core assets and acquired more than $4.1 billion of higher quality assets that are located in better markets with higher growth potential Increased NAV per Unit! by
Slide 13: Experienced Management Team
Dream Industrial REIT Experienced Management Team ie LE Brian Pauls Alex Sannikov Lenis Quan Bruce Traversy CEO coo CFO SVP, Head of Investments a sve gos ladeluca Victor Settino Sharlene McKillop Sjoerd Barmentloo , 9 > VP, Development VP, Property Management Associate VP, Asset Quebec Management,
Slide 14: Mesonweg, Utrecht, Netherlands
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 12.00 $11.53 10.00 8.00 6.00 In local currency eh. €5.04 5.25 4.00 2.00 Canada Europe mQ2 2021 mOQ4 2021 mQ2 2022 Year-over-year market rents have grown by nearly
Slide 16: Strong Outlook for Organic Growth
6 Dream Industrial REIT Strong Outlook for Organic Growth 1] Strong mark-to-market potential 2] High occupancy levels +42.2% $12.50 100% js pants C$11.53 geo pase 90% 99% $10.00 98% $7.50 +5.2% 98% €4.99 €5.25 97% $5.00 96% 96% sso oo, | Canada Europe 2020 2021 Q2 2022 Bi In-place and committed base
Slide 17: Increasing Pace of Organic Growth Drives Strong FFO per Unit
6 Dream Industrial REIT @ Increasing Pace of Organic Growth Drives Strong FFO per Unit! . at mam Change in wtd. average occupancy Diluted FFO per Unit! mam Change in in-place base rent ——Average Net Total Debt-to-Total Assets (Net of Cash and — YoY organic growth +10.1% 12.0% $0.24 Cash Equivalents)
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 100% » =m Committed Occupancy Retention Ratio s 100% 2 80% - ro) 2 80% ° E 60% + - 3 = 60% fe] 5 40% - 3 xo) 2 20% | 40% 5 5 au | pew a }ro9% | | piso 5 0% | seat sive 20% ° 2022! 2023 2024 2025 2026 2012 2013 2014 2015
Slide 19: Development Strategy
Dream Industrial REIT & Development Strategy . yarn Redevelopment of existin Greenfield development Intensification of excess land properties 25% Interest in develop-to-hold GTA Development Joint Venture with global sovereign wealth fund ~683,000 SF of projects currently underway with an expected un
Slide 20: GTA Development Joint Venture With Global Sovereign Wealth Fund
6 Dream Industrial REIT GTA Development Joint Venture With Global Sovereign Wealth Fund + Joint venture targeting to buy $500 million of welHocated development sites in the GTA and GGHA and Adds scale in core build best-in-class industrial assets with the intention of holding assets following stabil
Slide 21: 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 early 2023 =| Rocky View County (50-acre) 4 8
Slide 22: Activating Development Pipeline - Intensification
Activating Development Pipeline - Intensification Expansion Progress 401 Marie Curie Boulevard, 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% Opportunity to increase the property’
Slide 23: Activating Development Pipeline - Intensification
Dream Industrial REIT Activating Development Pipeline - Intensification Project Rendering 100 East Beaver Creek, Greater Toronto Area Construction has commenced on the 110,000 square foot property located in the GTA, in close proximity to Highways 404 and 407 Expanding property by over 40,000 square
Slide 24: Activating Development Pipeline - Intensification
Activating Development Pipeline - Intensification Current Property Project Rendering Christoph-Seydel-StraBe 1, Radeberg, 274,000 square foot property on 30.4 acres located in Radeberg, Germany, adjacent to Dresden with 24’ clear height Excess land will support a 241,000 square foot logistics facili
Slide 25: Activating Development Pipeline - Intensification
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 Expanding property by 120,000 square feet through ut
Slide 26: Active Asset Management Case Studies
© Dream Industrial REIT Active Asset Management Case Studies 60 Steckle Place, Kitchener, ON Property adjacent to DIR’s existing Kitchener portfolio; acquired for $12 million DIR acquired the 100,000 sf property vacant in Q2-2021 and completed a value-add refurbishment with stabilization in May 2022
Slide 27: Zoete Inval, Breda, Netherlands
4 Zoete Inval, Breda, Netherlands
Slide 28: 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 mm Unencumbered investment properties’ pool ——=% of total ass
Slide 29: 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 YE 2019 Q2 2022 2% 3.6% 1.01% Weighted Avg. Interest Rate Weighted Avg. Interest Rate @ North American Debt Euro and Euro-equivalent Debt@ Equity! q quity Net Euro Exposure as at Q2
Slide 30: Limited Cash Obligations Provide Significant Acquisition Capacity
6 Dream Industrial REIT Limited Cash Obligations Provide Significant Acquisition Capacity 3.3 1.01% $600M 5 years WAIR2 wat! S4O4M $504M $500M 4 S45OM SHO9M S$400M 4 $300m 4 $253M $200m 4 $100m 4 $20M SOM | 2022 2023 2024 2025 2026 2027+ mUnsecured ™ Secured Well-staggered debt maturities provides s
Slide 31: Emil-Lux-Str. 1, Wermelskirchen, Germany
Emil-Lux-Str. 1, Wermelskirchen, Germany
Slide 32: Broad Tenant Base Provides Diversified Rental Income
Dream Industrial REIT Broad Tenant Base Provides Diversified Rental Income @) Use of Space by Annualized Gross Rent! Cold Storage Other 2% S% Office 5% Light Industrial 20% Distribution and Warehousing 68% Tenant Size Breakdown by Annualized Gross Rent! <15,000 sq. ft. 18% >100,000 sq. ft. 48% 15,00
Slide 33: Top Tenants Consist of Renowned Global Companies
6 Dream Industrial REIT Top Tenants Consist of Renowned Global Companies @) Top 10 tenants by gross revenue Auchan, a privately owned French international retail group, is one of the largest grocery chains in France with €32B in annual revenues, and the 11th largest food retailer worldwide. Conforam
Slide 34: Adding Scale and High-Grading Portfolio
6 Dream Industrial REIT Adding Scale and High-Grading Portfolio Y In Q2 2022, acquired ~$368M of assets across Canada and Europe; added 1.9 million square feet of high-quality, well-located and functional logistics space to the portfolio as well as 19.5 acres of development land in the Balzac sub-ma
Slide 35: Guldenweg, Varsseveld, Netherlands
6 Guldenweg, Varsseveld, Netherlands
Slide 36: 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 37: Capital Investments in Clean Power
6 Dream Industrial REIT @ Capital Investments in Clean Power Calgary, Alberta Duiven, Netherlands Calgary, Alberta 8.4 megawatts of solar photovoltaic projects underway in Alberta and the Netherlands; total project cost of ~$10 million with expected unlevered yield on cost of over 8.5% Ten solar fea
Slide 38: 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 totalling $850 million with proceeds expected to be allocated towards green buildings,
Slide 39: Stevinlaan 4, Ede, Netherlands
Stevinlaan 4, Ede, Netherlands
Slide 40: Confidentiality and Disclaimer
CONFIDENTIALITY AND DISCLAIMER This Confidential Presentation (this “Presentation”) is intended solely for the use of the party to whom it has been provided, is strictly confidential, and may not be reprinted or distributed in whole or in part nor may its contents be disclosed to any other recipient
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 achi
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