Annual General Meeting May 2, 2017
Annual General MeetingMay 2, 2017
Market Square FeetMarket Availability Rate
Source: CBRE
CAL-EDM
267M9.0%
VAN
187M3.9%
REG
22M3.3%
WIN
77M4.1%
GTA
766M3.3%
GMA
302M6.8%
HAL
12M11.8%
Strong Canadian Industrial Fundamentals
TOTAL INDUSTRIAL MARKET
1.9B SF
NATIONAL AVAILABILITY
4.9%
TOTAL SUPPLY
0.5%
Dream Global REIT
-8,000,000
-4,000,000
0
4,000,000
8,000,000
12,000,000
-4.0%
-3.0%
-2.0%
-1.0%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017F
Growth in GDP drives demand for industrial space
GDP Growth Net Absorption
Sources: CBOC, CBRE
-4.0 %
-3.0 %
-2.0 %
-1.0 %
0.0 %
1.0%
2.0%
3.0%
4.0%
5.0% 12,000,000
8,000,000
4,000,000
0
-4,000,000
-8,000,000
Growth in GDP Drives Demand For Industrial Space
3
Our Portfolio(1)
Dream Industrial REIT
4
GLA16M
TOTAL ASSETS$1.6B
Portfolio Square FeetNOI Contribution
AB
4.0M32%
SK
0.9M7%
ON
4.9M27%
QC
3.8M20%
NS
2.6M14%
Portfolio Distribution
TENANTS1,305
PROPERTIES213
Committed Occupancy
AB
96.8%SK
98.5%
ON
97.0%
QC
97.2%
NS
90.2%
Portfolio Occupancy
OCCUPIED96%
TENANTRETENTION
86%
Quality Portfolio - Well Diversified
AVG. LEASE TERM5.2 YEARS
NOI32%
AVG. TENANTS82,000 SF
# OF TENANTS67
AVG. LEASE TERM3.4 YEARS
NOI68%
AVG. TENANTS8,000 SF
# OF TENANTS1,238
Multi - Tenant Single - Tenant
Dream Industrial Performance(1)
Dream Industrial REIT
8
Dream Global REITGeographic NOI %
Ontario27%
Saskatchewan7%
Alberta32%
Nova Scotia14%
Quebec20%
Portfolio Valuation
7.0%IMPLIED CAP RATE
Dream Global REITDebt to Total Assets
3.81%WEIGHTED AVG.
FACE RATE
50%
52%
54%
56%
2012 2013 2014 2015 2016 Q1 2017
Dream Global REITStaggered Debt Maturities
$0
$50
$100
$150
$200
2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
$ M
illio
ns
Mrtg Balance Debentures
$98M CREDIT FACILITY
$123M UNENCUMBERED
ASSESTS
Dream Global REIT
$0.65
$0.67
$0.69
$0.71
IPO 2013 2014 2015 2016
Stable and Secure Distributions
8.2%DISTRIBUTION
YIELD
Dream Global REIT
$7.00
$7.05
$7.10
$7.15
$7.20
93%
94%
95%
96%
Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17
Committed Occupancy In-place Rents
Positive Leasing Momentum
94.2%AVG.
OCCUPANCY SINCE IPO
Dream Global REITPositive Leasing Momentum
-
500
1,000
1,500
2,000
2,500
3,000
2017Thousand
square feet
86%TENANT
RETENTION RATIO
2017 EXPIRIES84%
OF 2017EXPIRIES ADDRESSED
Dream Global REIT
Outlook
Dream Industrial REIT
Dream Global REIT2017 Focus
GrowthCatalyst
CapitalRecycling
OrganicGrowth
Expansion toother Markets
Development
Thank you
Dream Global REITForward looking information
This presentation may contain forward-looking information within the meaning of applicable securities legislation, including but not limited to statements relatingto Dream Industrial REIT’s objectives, strategies to achieve those objectives, its outlook, beliefs, plans, estimates, projections and intentions, and similar statementsconcerning our capital recycling program, expansion into other markets, future developments and joint ventures, in each case that are not historical facts.Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond DreamIndustrial REIT’s control, which could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. Theserisks and uncertainties include, but are not limited to, general and local economic and business conditions; the financial condition of tenants; our ability torefinance maturing debt; leasing risks, including those associated with the ability to lease vacant space; and interest and currency rate functions. Our objectivesand forward-looking statements are based on certain assumptions, including that the general economy remains stable, interest rates remain stable, conditionswithin the real estate market remain consistent, competition for acquisitions remains consistent with the current climate and that the capital markets continue toprovide ready access to equity and/or debt. All forward-looking information in this presentation speaks as of the date of this presentation. Dream Industrial REITdoes not undertake to update any such forward-looking information whether as a result of new information, future events or otherwise except as required by law.Additional information about these assumptions and risks and uncertainties is contained in Dream Industrial REIT’s filings with securities regulators, including itslatest annual information form and MD&A. These filings are also available at Dream Industrial REIT’s website at www.dreamindustrialreit.ca.
Non-GAAP Measures
The Trust’s condensed consolidated financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”). In thispresentation, as a complement to results provided in accordance with IFRS, the Trust discloses and discusses certain non-GAAP financial measures, including netoperating income (“NOI”), stabilized NOI and debt to total assets as well as other measures discussed elsewhere in this presentation. These non-GAAP measures arenot defined by IFRS, do not have a standardized meaning and may not be comparable with similar measures presented by other income trusts. The Trust haspresented such non-GAAP measures as Management believes they are relevant measures of the Trust’s underlying operating performance and debt management.Non-GAAP measures should not be considered as alternatives to net income, cash generated from (utilized in) operating activities or comparable metricsdetermined in accordance with IFRS as indicators of the Trust’s performance, liquidity, cash flow, and profitability. For a full description of these measures, pleaserefer to the “Non-GAAP Measures and Other Disclosures” in Dream Industrial REIT’s Management’s Discussion and Analysis for the three months ended March 31,2017.
Footnote
(1) Information as of March 31, 2017