Dream Office - Historical Unit Price & Key Events $25.00 $24.00 - - PowerPoint PPT Presentation

Dream Office - Historical Unit Price & Key Events

• 1. As at August 13, 2018

Source: Bloomberg $14.00 $15.00 $16.00 $17.00 $18.00 $19.00 $20.00 $21.00 $22.00 $23.00 $24.00 $25.00 1-Jan-16 1-Apr-16 1-Jul-16 1-Oct-16 1-Jan-17 1-Apr-17 1-Jul-17 1-Oct-17 1-Jan-18 1-Apr-18 1-Jul-18 Dream Office Unit Price ($) Announcement of Strategic Plan Announcement of $240 M SIB Announcement of $1.7 B Portfolio Sale & $440 M SIB AB Portfolio Writedown & Commencement of AB Disposition Program Price Performance Since Jan 1, 2016: Dream Office REIT: 43.4%1 TSX Capped REIT Index: 21.4%1 Disposed of $0.9 B of Assets Disposed of $1.8 B of Assets

High concentration of well connected assets in Downtown Toronto

60%of our total portfolio is located on this map 98.6%in-place and committed occupancy 5.0 years weighted average lease term Close proximity to public transit Intensification and redevelopment potential at 250 Dundas St. W., 212 King St. and 357 Bay St.

Source: CBRE $22.00 $23.00 $24.00 $25.00 $26.00 $27.00 $28.00 $29.00 $30.00 $31.00 $32.00 0.0% 2.5% 5.0% 7.5% 10.0% 12.5% 15.0% Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 Q1 15 Q2 15 Q3 15 Q4 15 Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18

Downtown Toronto Office Market

Downtown Office (Vacancy - Class A) Downtown Office (Avg. Class A Net Rent)

Downtown Toronto - Historical Vacancy and Absorption

Source: CBRE 7.3% 6.9% 5.2% 5.0% 6.1% 5.9% 5.1% 4.4% 3.7%

• 500,000

500,000 1,000,000 1,500,000 2,000,000 2,500,000 3,000,000 3,500,000 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 2009 2010 2011 2012 2013 2014 2015 2016 2017 Absorption (Sq. Ft.) Vacancy (%) Vacancy Rate (LHS) Absorption (RHS)

Business Environment: Quality-Cost Index

Source: fDi Benchmark (2017)

Total Labour Force Size

Source: StatsCanada, US Bureau of Labour Statistics (July 2017)

$21.38 $22.69 $23.88 $22.25 $24.42 $25.95

$0.00 $5.00 $10.00 $15.00 $20.00 $25.00 $30.00 $35.00 200 400 600 800 1,000 1,200 1,400 2018 2019 2020 2021 2022 2023+ Rent ($ / SF) Lease Expiry (000s SF) Expiries (000s SF)

• Exp. Rent ($/SF)