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2 *As at May 1 4, 201 5 Key metrics 5% Occupancy (1) 85.3% 86.4% - PowerPoint PPT Presentation

Feb 03, 2023 •398 likes •797 views

Ham ambur burg Dss ssel eldo dorf Co Cologn gne Fr Frankfur ankfurt Stuttgart Stu Mun unich 2 *As at May 1 4, 201 5 Key metrics 5% Occupancy (1) 85.3% 86.4% AFFO/Unit Average in-place net rent per sf (1) 8.86 8.46

  2. Ham ambur burg Düss üssel eldo dorf Co Cologn gne Fr Frankfur ankfurt Stuttgart Stu Mun unich 2 *As at May 1 4, 201 5

  3. Key metrics 5% Occupancy (1) 85.3% 86.4% AFFO/Unit Average in-place net rent per sf (1) € 8.86 € 8.46 increase in 2014 Market rents above in-place rents (1) 2.9% 2.2% FFO/Unit $0.88 $0.85 AFFO/Unit $0.83 $0.79 AFFO Payout Ratio 96% 101% 11.3% Distribution/Unit $0.80 $0.80 2014 Total Return 35% 53% 65% 47% 201 4 201 3 Improving AFFO Quality AFFO AFFO Initial Properties New Acquisitions 3 (1 ) 201 4 metrics reflect owned share of joint venture properties.

  4.        5% Acquisitions 1 million 69% Dispositions increase in $400+ square feet of tenant $130+ million million AFFO/unit leasing retention 4

  5. German Unemployment Rate Unemployment rate (in %) 11  Germany is the Eurozone’s largest economy and the world’s 4 th largest economy ; 10 9 8 March 201 5  German unemployment at 4.8% , among lowest in EU; 7 4.8% .8% 6  German government posted GDP growth of 1.6% in 2014, 5 higher than the GDP growth throughout the European Union and 4 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 increased 2015 GDP growth projection to 1.8% ; 2007 2008 2009 201 0 201 1 201 2 201 3 201 4 201 5 Source: ILO labour market statistics, Destatis GDP Growth Rate  Germany remains one of the most highly sought after real estate investment markets in Europe with the total investment volume for 5% Germany Eurozone commercial real estate reaching € 40 billion in 2014 , the best 4% result since 2007; 3% 2% 1 %  Mortgage rates in Germany are among the lowest in recent 0% history, as increased competition in the German lending market -1 % has put pressure on credit spreads. For example, we recently locked in a 10-year mortgage at an interest rate of 1.71% . -2% 201 0 201 1 201 2 201 3 201 4 Source: OECD Economic Outlook 201 4 5

  6. Rents Continue to Increase Record Cap Rate to Bond Rate Spread € /sqm/month Spread Office Yields (Big 7 average) 10 yr Bund Rates Berlin Dusseldorf Frankfurt Hamburg 6% 40.00 Cologne Munich Stuttgart 5% 35.00 4% 3% 30.00 2% 25.00 1% 20.00 0% 15.00 -1% 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 10.00 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015* Source: JLL Source: JLL Record Low Vacancy Rate Net Absorption in Big 7 Berlin Dusseldorf Frankfurt Hamburg .000 m² Cologne Munich Stuttgart % 1,400 18 Large office stock (more than twice the  1,200 16 size of Canada’s top 7 markets) 14 1,000 12 800 Limited new construction (available  10 600 8 space under development is less than 1% of 400 6 the existing stock) 4 200 2 0 Strong and diversified local economies  0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015* 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015* Source: JLL Source: JLL 6

  7. We entered into a strategic joint venture partnership with Public Official Benefits Association (POBA), a South Korean pension fund to sell a 50% interest in eight of our properties for € 247 million, including recently completed sale of Officium in Stuttgart. This transaction allowed us to leverage our operating platform and redeploy the proceeds into highly accretive opportunities such as Cologne Tower and Millerntorplatz. We expect that this transaction will add approximately 3 – 4 cents in AFFO per unit  We realized a significant cap rate compression from 6.3% as at acquisition to 5.4% on sale  The net proceeds were invested in assets of comparable or higher quality at an average cap rate of 5.9%  The REIT will be receiving asset management and leasing fee income of $ 1.3 million p.a. from POBA  The transaction provided us with the opportunity to refinance over $150 million of mortgages at 90 bps lower interest rates when reinvesting the proceeds, while increasing the term to maturity by over 4 years  The REIT realized a cash gain of approximately $100 million (100% of the assets) over our acquisition price, including the recovery of land transfer tax and financing costs 7

  8. Feldmühleplatz, Düsseldorf Werner-Eckert Str., Munich doubleU, Düsseldorf Cäcilium, Cologne Moskauerstr., Düsseldorf Over $1.8 billion in acquisitions since IPO with 30 properties added to portfolio Oasis is III, Stu Stuttgart rt Z-Up, Stuttgart Werfthaus, Frankfurt twenty2nd, Munich Millerntorplatz 1 , Hamburg My Falkenried, Hamburg 8 k.26, Frankfurt Cologne Tower, Cologne Europahaus, Darmstadt Officium Stuttgart ABC Bogen, Hamburg

  9. Purchase Price: $160 million Cap rate: 5.4% Interest rate: 1.77% Debt term: 10-year fixed GLA: 297,000 sf Occupancy: 100% WALT: 6.2 years LEED Gold multi-tenant office property and dominant feature of Cologne’s skyline with tenants including Boston Consulting Group, IQWig, Liberty Mutual Group and Swiss Live Select. 9 9

  10. Purchase Price: $136 million Cap rate: 6.1% Interest rate: 1.71% Debt term: 10-year fixed GLA: 375,000 sf Occupancy: 89% WALT: 5.3 years Multi-tenant property, built in 1997 and leased to a variety of tenants including Germany’s largest state pension fund and the City of Hamburg. 1 0 1 0

  11. 201 4 Property / Location Wern Werner er-Ec Ecker kert, Mu Munich My My Fa Falkenr kenried ed, Ha Hamb mburg Of Offi ficium, St Stuttgart Eur Europa opahaus, Darms mstadt Colog Col ogne Towe Tower, Col Colog ogne GLA (sf) 64,700 221 ,200 268,000 21 0,700 296,700 Purchase Price $22 mln $92 mln $68 mln $57 mln $1 60 mln Cap Rate 6.5% 6.2% 6.6% 6.7% 5.4% Interest Rate / Term 1 .98% / 5 years 2.33% / 7 years 1 .99% / 7.5 years 1 .82% / 8 years 1 .77% / 1 0 years GLA (mln GL mln sf) sf) Pu Purchase hase Pr Price Cap p Rate Int nter eres est R Rat ate Deb ebt Te Term 2012 – 6 Properties 1 .1 mln $ 259 mln 7.2% 2.53% 5.7 years 2013 – 18 Properties 2.8 mln $1 ,01 5 mln 6.7% 2.58% 6.6 years 2014 – 5 Properties 1 .1 mln $402 mln 6.0% 1 .92% 8.4 years 2015 – 1 Property 0.4 mln $1 36 mln 6.1 % 1 .71 % 1 0.0 years Total otal Acqu cquisiti sition ons s 5.4 mln $1 $1 .8 8 bl bln 6.6% 2.3% 7.1 year ars 1 1 1 1

  12. Total A tal Annu nnualize lized Top 1 1 0 T 0 Tena nants nts Ind ndus ustr try Credit R it Rating ting GRI (%) 1 Postal Services / Logistics 26.3 BBB+/Stable 2 Prof. Services / Legal 3.5 n/a 3 Insurance 3.1 AA- 4 Energy/Technical Equipment Services 2.5 n/a 5 German State Pension Fund 2.1 n/a 6 Financial Services 2.0 A+ 7 Financial Services 1 .7 A+ 8 Entertainment 1 .6 n/a 9 Internet 1 .3 AA 1 0 Shipping/Logistics 1 .3 BBB+ 1 2 Sources: Bloomberg, Dream Asset Management, Standard & Poor’s, Fitch

  13. Reduced overall exposure to largest tenant Total Dispositions Diversification of the Tenant Base Over the last three years, we reduced the exposure • % of GRI generated by tenants other than Deutsche Post In $ millions to Deutsche Post from 85% to 26% of its total gross 1 40 rental income. 1 20 Active capital recycling program 1 00 Since 2012, we sold or have under contract for sale 87 • 80 properties for approximately $230 million and 60 redeployed the proceeds into newer high quality Closed 40 properties. and under 20 contract Took advantage of large blocks of 0 contiguous space IPO 201 1 Q4 201 2 Q4 201 3 Q4 201 4 Q1 201 5 201 2 201 3 201 4 201 5 YTD Took advantage of large blocks of contiguous • vacant space terminated by Deutsche Post, as the buildings became attractive to larger users; 201 4 Terminations 201 2 Terminations Signed over 585,000 sq. ft. of new leases pertaining • to 2012 terminations, including the leasing of 417,000 sq. ft. that Deutsche Post vacated as well as absorbing over 168,000 sq. ft. of previously existing vacancy . Mitigated loss of gross rental income due to Replaced, Replaced, proactive discussions with tenant 76% of GRI 77% of GRI Renewed or extended significant amount of • space initially subject to early terminations through proactive discussions with Deutsche Post and Postbank, mitigating the overall exposure to these early terminations. 1 3

  14. Over 1 million sf leased in 2014 Average remaining lease term of 4.4 Years 1 4 1 4

  15. 1 51 5

  16. Overall term to maturity   extended by  1 year 1 5 1 6

  17. Dream Unlimited Corp. . (TSX: DRM) Asset M Management & Management S Services / Publicly listed funds Operating B Businesses Dream Hard Housing & Urban Renewable Land Dream Global Dream Industrial Dream Office Asset Alternatives Development Power Development REIT REIT REIT Trust One of the Largest Fund for New Largest Office REIT in Largest Global REIT in Dedicated Industrial REITs Opportunities for Hard Canada Canada in Canada Asset Investments Dream platform provides: Dream has:  Asset management capabilities  20 year history in real estate and as a renewable power developer, manager and investor Transaction and capital markets expertise  Completed ~$20 billion of real estate and alternative  Track record of development & value creation  investment transactions  Synergies realized across broad platform 1,000+ dedicated professionals in all disciplines  1 7 1 7

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