Dream Office Real Estate Investment Trust T.D.UN

Investor Day Presentation

[Frankie10]

"In the next five years, we expect a lower deal renewal % (~40%), higher leasing capital psf (~$50), steady net rents (~$30) and average occupancy in the low 80%s for the full portfolio."

"Our investment in units of Dream Industrial REIT ($185M market value*) ... can be a source of immediate liquidity"

"We expect to look to opportunistically sell assets to de-lever our balance sheet."

[Catchtherally]

They sure set the bar low for themselves. Did you attend in person? As bearish as the presentation?

[jmkOttawa]

Possibly better to set the bar low and surprise to the upside than the converse.

[Frankie10]

I did not. I read the entire presentation in the morning, then a client called and asked for a meeting before I could run over and listen. I just wanted to share what stood out to me in the presentation. My intent was to press them on their willingness to sell DIR and/or investment properties - that was answered. I had already outlined the negative cashflow for everyone on this board. Im still

[Reece1986b]

Thank you Frankie. I was a bit surprised reading the presentation at how much of it was about Dream Unlimited. I thought it would be more balanced among the Dream REITs. Nevertheless, I'm not worried. We have the DIR units as a source of liquidity, we have the first phase of Eglinton which will be monetized, we have 250 Dundas, 212-220 King, and Eglinton which as a worst case scenario could

[jmkOttawa]

Thanks for sharing Frankie. They do not sound overly optimistic about the next 5 years.

[SNAKEYBOY]

I believe they should undergo a strategic review, do SIB #2 and sell it for $20+ to the final bidder.