Investor Presentation December 2015 1 Participation in - PowerPoint PPT Presentation

Investor Presentation December 2015 1

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Participation in strong Canadian industrial fundamentals Current Canadian interest rate and foreign exchange environment favorable to industrial sector  Low vacancy rate  Strong demand for multi-tenant, small bay space and limited new supply under construction  Quality Portfolio Two thirds of our portfolio is multi-tenant, offering significant rental growth opportunities  Well diversified by geography and tenant mix, no tenant represents over 3.6% of net operating income  Limited direct exposure to Western Canada oil & gas industry (0.9% of total GLA expires in the next two years)  Alberta portfolio is currently 97% occupied  Track record of growth & performance since IPO 5.5% compounded annual AFFO growth since IPO forecast in Oct 2012  Increasing asset base from $0.7 billion to $1.7 billion, growing and diversifying the initial 6 million s.f. portfolio  to 17 million s.f. across all major markets 3

Secure and stable distribution 85% payout ratio in Q3-15  Current yield ~9%  Increased distribution by 4% in April 2013  Attractive valuation provides opportune entry point DIR.UN currently trades at an attractive 10.4x P/AFFO and 24% discount to NAV, based on consensus  estimates Consensus “BUY” rating from eight of nine Canadian sell-side research analysts  Operating with an established platform, and opportunity to leverage relationship with Dream Over 100 dedicated staff members primarily in leasing, property management and other functions  Full access to Dream’s extensive network of global relationships, track record of value creation for unitholders,  and transaction & capital markets expertise 4

Market size by province (GLA) 5 5

Multi-tenant: 66% 6 Single-tenant: 34%

 Single- tenant Multi-tenant     8 8

42% of GLA 0% 39% of GLA 19% of GLA

Warehouse & Distribution: Brick (Montreal)

Warehouse & Distribution: Brick (Montreal) 100% leased GLA: 327,000 sq.ft. Ceiling height: 41 ft. Site coverage: 30% Remaining lease term: 8.7 years

Flex Industrial: Sunridge Business Park (Calgary)

Flex Industrial: Sunridge Business Park (Calgary) 97% leased, over 40 tenants GLA: 600,000 sq.ft. / 12 buildings Ceiling height: 24 ft. Remaining lease term: 3.6 years

Light Manufacturing (2360 Cornwall Rd, Oakville)

Light Manufacturing (2360 Cornwall Rd, Oakville) 100% leased to 3 tenants GLA: 200,000 sq.ft. Ceiling height: 28 ft. Site coverage: 40% Remaining lease term: 5.1 years

Total Portfolio Occupancy 94.6% Average Remaining Lease Term 4.3 Years 16

Tenants in our Portfolio Geographic NOI % Other ON, 3% Regina, 6% Calgary, 24% Edmonton, 8% Halifax, 16% GTA, 23% Montreal, 20% 17

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Interest Coverage Ratio $175 3.1x $150 $125 $100 Unencumbered $75 Assets $117 million 3.99% $50 $25 $0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Mortgages & Credit Facility Convertible Debentures 21

Asset Management & Adv dvis isory ry Serv ervic ices es / Publ blic icly listed funds Oper peratin ing Busin ines esses es Dream Hard Drea eam Housing & Urban Renewable Land Dream Global Dream Office Asset Alternatives Indu dustr stria ial l RE REIT Development Power Development 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        22 — 22

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Current Situation   LRT   25

  5.0% above in-place Source: CBRE Q3 2015 MarketView 26

 8.6% above in-place Source: CBRE Q3 2015 MarketView 27

 1.3% above in-place Source: CBRE Q3 2015 MarketView 28

  Source: CBRE Q3 2015 MarketView 29

  2.3% above in-place Source: CBRE Q3 2015 MarketView 30

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