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Investor PresentationMarch 2016

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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 3.8% 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 98% 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. portfolioto 17 million s.f. across all major markets

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Secure and stable distribution

85% payout ratio in Q4-15

Current yield ~9%

Increased distribution by 4% in April 2013

Attractive valuation provides opportune entry point

DIR.UN currently trades at an attractive 9.8x P/AFFO and 20% discount to NAV, based on consensus estimates

Consensus “BUY” rating from seven 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

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Market size by province (GLA)

6Multi-tenant: 65%Single-tenant: 35%

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Single-tenant Multi-tenant

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43% of GLA

0%38% 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: 8.4 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: 3.4 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: 4.8 years

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Total Portfolio Occupancy

95.0%

Average Remaining Lease Term4.3 Years

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Calgary, 25%

GTA, 25%Montreal, 19%

Halifax, 15%

Edmonton, 8%

Regina, 7%

Other ON, 3%

Tenants in our PortfolioGeographic NOI %

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Unencumbered Assets

$119 million

Interest Coverage Ratio

3.1x

$0

$25

$50

$75

$100

$125

$150

$175

2016 2017 2018 2019 2020 2021 2022 2023 2024

Mortgages & Credit Facility Convertible Debentures

3.95%

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Dream Hard Asset Alternatives

Trust

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Dream Office REIT

Dream Industrial REIT

Dream Global REIT

Housing & Urban Development

Land Development

Renewable Power

Largest Office REIT in Canada

One of the Largest Dedicated Industrial REITs

in Canada

Largest Global REIT in Canada

Fund for New Opportunities for Hard

Asset Investments

Asset Management & Advisory Services / Publicly listed funds Operating Businesses

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Source: CBRE Q4 2015 MarketView

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Source: CBRE Q4 2015 MarketView

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Source: CBRE Q4 2015 MarketView

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Source: CBRE Q4 2015 MarketView

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Source: CBRE Q4 2015 MarketView

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