A Holiday Message from Dream - Dream Unlimited

Fall / Winter 2015

A Holiday Message from Dream As we are approaching the holidays, I am reflecting on our company and its tremendous change over the last 20 years. The company started out with no assets and one employee and we now have over 1,000 people managing $15 billion of assets in 23 communities across North America and Europe. We run our business with a long-term view and focus on our corporate goals of providing our investors with competitive returns. Since inception, our goal has been to create long-term shareholder value by identifying opportunities and acting on them at the right time. While the performance of our stocks has been disappointing this year, we continue our disciplined approach that has served us well over the years and make it a priority to manage our operations effectively and to find new and innovative ways to provide value to all of our stakeholders. We have built an organization that is not only driven by the bottom line but is also deeply connected to the communities we build and work in. Building better communities is our way of thinking, living and working at Dream. Social responsibility, which is ingrained in how we run our business and how we manage our social and environmental obligations, is becoming increasingly important. Investors seek investment opportunities that bring environmental and social benefits, in addition to returns. During this holiday season, we would like to showcase some of our social initiatives across our offices and our employees’ communities in North America and Europe and hope to provide a glimpse into our involvement as a leader. In all that we do, we think of the people

We are proud to announce the release of Dream’s first Corporate Sustainability Report. The report showcases our sustainability commitment to our stakeholders and highlights our aspiration to build better communities for people to work and live in. To read our CSR Report please visit our websites.

in and around our buildings and how we can be a better landlord, partner and neighbour. We encourage our employees to be strong leaders at Dream and within their communities in order to build better communities. On a final note, it has become clear to me that my priority at Dream is to take responsibility for our business. With that in mind, I have changed my title to Chief Responsible Officer in order to better reflect my role and remind me and everyone, both inside and outside our company, what it is I do. Having a very clear vision of who we are, and how we build better communities will lead to a better company, more opportunities and more engaged employees, benefiting all stakeholders. I thank you for your continued interest in our company and wish you a happy holiday season and all the best for 2016.

Michael Cooper CRO, Dream Unlimited

Inn From the Cold

The Shoebox Project Dream is proud to be the first and only National Corporate Sponsor of the Shoebox Project for Shelters, a Canadian organization that distributes gifts to women living in shelters across the country. In addition to our financial commitment of $75,000 per year for three years, which started in 2014, we also hold internal campaigns to contribute shoeboxes filled with gifts to shelters in the cities where we work.

This year, we have been collecting donations internally across Canada, and then coming together on our Dream Shoebox Days to assemble boxes as teams in our offices. We have expanded our reach and provided even more gifts to women in our local shelters this holiday season. This partnership is just one way that we are working to strengthen the communities where we work and live. Watch the Shoebox Project commercial featuring Ben Mulroney and Michael Cooper here http://bit.ly/1JeBb7T or read more about this great cause at www.shoeboxproject.com

Tree of Dreams In 2014, Dream Global’s team in Germany launched a program to make a child’s Christmas wish come true. The program focused on 150 orphaned or hospitalized children. The children were able to submit a special Christmas wish, which was put on a Christmas ornament and displayed on a tree in the lobbies of the five office buildings. Our tenants and employees picked an ornament and bought the present based on the child’s wish, which was returned beautifully wrapped and delivered to the children. The program was a major success in Germany and a similar program has been launched at Dream’s Canadian offices during the 2015 Holiday season. The campaign is taking place in several of its office buildings across Canada and will provide our tenants with the opportunity to buy gifts for seniors who might otherwise spend the holidays without a gift, a visit, or even a call from a friend or family member. “We sincerely believe it is our responsibility to look out for each other and take care of one another, whether that’s people we work with or strangers in our community, so we are proud to support our campaign to be a Santa to a child in Germany or a senior in Canada this year,” said Jane Gavan, CEO of Dream Office REIT and Dream Global REIT. To find out more, please visit: www.treeofdreams.ca

In Calgary, Dream has been providing financial support to Inn from the Cold, the city’s original and largest emergency family shelter providing support and programs to homeless children, their families, and others in need. Local employees wanted to go beyond Dream’s financial contributions and decided to buy and serve lunch once a month. The response has been overwhelmingly positive from both the employees and the recipients. Read more about Inn From the Cold here: www.innfromthecold.ca

The Covenant House Executive Sleep-out Event On Nov. 19, 2015, 71 of the city’s top business and community leaders, including Brent Chapman, CEO of Dream Industrial REIT, slept out on the street and raised more than $1 million for homeless kids at Covenant House. With only a sleeping bag and

Holiday Angel Program cardboard, participants in the fourth annual Covenant House Executive Sleep Out spent the night on the cold pavement in freezing temperatures. “It was a long, cold and very uncomfortable night sleeping on concrete. It was a profound and moving experience. I can’t imagine calling that home” said Brent, of the experience. Read more about the Covenant House here: www.covenanthouse.org

Dream Industrial’s team participated in the Holiday Angel Program – a program that matches donors with newcomer families in need. This year, our team was partnered with a Syrian family that left their war-torn country two years ago in pursuit of a better life for their children. Hoping to become self-sufficient once their language skills improve, they continue to depend on social assistance. Our team has collected enough money to purchase all the gifts on the family’s wish list and will make the Holiday Season a very memorable one for this family.

Dream Global’s German team supports Syrian refugee camp in Dresden Oliver Hahnewald, Director of Leasing for Dream Global, together with a group of family, friends and colleagues, initiated an ongoing campaign to support a Syrian refugee camp in Dresden, Germany. The group has already collected thousands of euros and donated clothing, sleeping bags and other goods to help these refugees. All monetary donations are spent on very specific causes, including special glasses for a woman who lost some of her eye sight while fleeing Syria; a mattress for a woman on dialysis to give her more sleep comfort, or weekly fresh fruit and vegetables from a farm nearby.

Distillery Christmas Market

The team has also been engaged in bringing some joy and hope to the refugees’ everyday lives by inviting them into their homes for a home-cooked meal or organizing trips to the zoo, the ice cream parlor or just simply to have a picnic – all to allow the families to leave the camp and feel welcome and connected to the local community.

Selected as one of the world’s top ten Christmas markets, The Toronto Christmas market combines old world charm with modern-day holiday attractions. Hosted in Dream’s Distillery District, the market features festive lighting and décor plus musical performances from carolers and Bavarian brass bands. Visitors can also browse through local, handcrafted products and check out the market’s giant Christmas tree.

Dream Global’s Canadian team is currently working on a fundraising campaign in Toronto to support Oliver with his ongoing initiatives.

Read more here: www.torontochristmasmarket.com

Focus: Land development, housing and condominium development, retail development, asset management for our TSX-listed fund investments in Canadian hard assets, commerical property ownership and renewable energy infrastructure.

[email protected] Year commenced: Equity at inception: Current Mkt Cap: IRR over last 11 years: Assets under Management:

dream.ca

Focus: Canadian Office Year Commenced: 2003 Mkt Cap at Inception: $320M

Focus: German Office Year Commenced: 2011 Mkt Cap at Inception: $520M

Focus: Canadian Industrial Year Commenced: 2012 Mkt Cap at Inception: $340M

Market Cap: Total Assets:



$1.9 Bln3 $7.5 Bln

Canada’s largest office REIT

dream.ca/global [email protected]

dream.ca/industrial [email protected]

Asset Management & Management Services Four publicly listed funds, Dream CMCC Funds, Dream VHP development partnership + real estate services

Dream Office REIT (TSX: D.UN)

Dream Industrial REIT (TSX: DIR.UN)

$15.0 Bln2

Focus: Hard Assets Year Commenced: 2014 Initial Book Value: $725 M

dream.ca/alternatives [email protected]

Development

Homes by Dream Housing, Condo & Multi-residential Development

Provides investors the opportunity to access hard asset alternative investments such as real estate, real estate lending, and infrastructure including renewable power.

Retail, land and residential

Dream Development Land Development

1996 $0.5 Mln $778 Mln 36%1

$0.6 Bln3 $1.7 Bln

Largest pure-play Canadian Industrial REIT.

First Canadian REIT to invest exclusively outside of Canada.

dream.ca/office [email protected]

Dream Centres Retail Development

$0.9 Bln3 $2.4 Bln

Dream Global REIT (TSX: DRG.UN)

Dream Alternatives (TSX: DRA.UN)

Energy & Infrastructure

Energy & Infrastructure

$15 Bln AUM IRR (Internal Rate of Return) represents the discount rate of annual net cash paid out to shareholders and the equity value (including minority interest) as at September 30, 2015 over the initial investment in 2003. 2 Assets under management (“AUM”) is the respective carrying value of total assets managed by the company on behalf of its clients, investors or partners. Assets under management is a measure of success against the competition and consists of growth or decline due to asset appreciation, changes in fair market value, acquisitions and dispositions, operations gains and losses, and inflows and outflows of capital. 3 Based on TSX closing price as of December 11, 2015 and units or shares outstanding as at December 11, 2015. 1