[TSX:DRA.UN] ~67% of DAT s portfolio is based in Toronto

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1 TSX:DRM

2 [TSX:DRA.UN] ~67% of DAT s portfolio is based in Toronto Notes: (1) Stock and Unit prices at November 9, 2018 (2) Dream standalone as at September 30, 2018 (3) Dream Office REIT held a 23% interest in Dream Industrial REIT at September 30, 2018

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9 (1) Dream's managed ownership includes ownership interest of Dream Alternatives, where applicable. (2) Inventory value or net asset of investment relates to the Company's proportionate share in the asset or project on a Dream standalone basis, with the exception of Zibi, which is fully consolidated. (3) Revenue recognition for condominium inventory occurs at the time of unit occupancy. Refer to Note 3 of the condensed consolidated financial statements for details on the Company's revenue recognition policies. (4) The carrying value of Zibi inventory is at 100% as the project is consolidated for financial statement purposes. Refer to Note 27 of the condensed consolidated financial statements for details on the non-controlling interest related to Zibi (5) West Don Lands is a purpose-built residential rental apartment community and will be a source of recurring income upon stabilization. Refer to the "Significant Pipeline Projects" section of Dream s Q MD&A for further details.

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11 Dream and Great Gulf to act as codevelopers on this prime waterfront location in downtown Toronto with potential for over 1 million square feet of density. Dream and DAT have a 50% economic interest split 12.5% and 37.5% respectively.

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14 *The internal rate of return for condominium development projects is calculated based on the estimated net cash flow expected to be generated from each project considering real estate development revenues, expenditures, construction timelines and sale dates. **Excludes 4 additional units in Phase 2 not yet released.

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17 *Includes land held for development, under development and previously developed and sold

18 (1) Coopertown has received approval on 1,050 acres at neighbourhood plan, including 160 acres at concept plan

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20 Holmwood is our largest community. The master-planned community consists of nine neighbourhoods, the first of which, Brighton, was launched in 2016 and has the largest market share in the city.

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25 (1) Refer to the "Non-IFRS Measures" section of the Q MD&A for definitions of Non-IFRS measures, including net operating income. (2) IFRS asset value excludes balances related to certain properties classified as assets held for sale (3) The Company s investment in Firelight is held through equity accounted investments and accordingly the IFRS value represents the Company s proportionate share of net assets (4) Due to the seasonal nature of wind and solar assets within the renewable power segment, we expect higher returns on our investment in Firelight in the spring and summer months. Results may fluctuate period to period based on weather. (5) Excludes fees earned from Dream Office REIT, which is no longer a party to an asset management agreement. Balances include fees earned from the asset management contract with Dream Alternatives which is included in Dream standalone results, but eliminated in the consolidated results. (6) Refer to the Investments in Publicly Listed Funds in Dream s Q MD&A for further information on the IFRS accounting treatment on these equity investments

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27 50% economic interest for Dream $14.7M book value

28 $10.5M 2017 EBITDA 2,200 skiers on average each day Held at book value of $27.2 million, but worth significantly more We are expanding the ski area by 470 acres

29 Dream partners with and acts as the development manager for Dream Alternatives Trust on several exceptional development projects in the GTA ~12.0M units or ~17% of Dream Alternatives Trust units are currently held by Dream

30 ~22% of Dream Office REIT units are currently held by Dream Key achievements: Successfully achieved strategic plan, selling $3.4 billion of assets and transforming the Trust 357 Bay Street secured a 15-year lease with WeWork transforming it into a best-in-class boutique office building which will serve as its Canadian headquarters Redevelopment and intensification pipeline provide opportunity for NAV growth

31 ~$234M of new investments have been executed by Dream Industrial YTD 2018 Hiring of new CEO, Brian Pauls to lead U.S. expansion and grow Canadian portfolio YTD 2018 acquired $234 million of industrial properties Early redemption of $111 million of 5.25% convertible debentures $2.1 billion GAV of industrial assets Compelling valuation supported by recent acquisition of Pure Industrial REIT by Blackstone Dream Office REIT currently holds ~23% of DIR

32 ~$1.5B of new investments were executed by Dream Global since Jan and YTD 2018 Key achievements: $900 million transformative transaction in the Netherlands YTD 2018 acquired over $290 million of properties with an additional ~ 95 million expected to close in Q4/18 Inaugural offering of 375 million of senior unsecured notes in Europe Retained 90% of GLA on 2018 Deutsche Post lease maturities and 95% on 2019 maturities $5.2 billion gross asset value of income properties

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34 7% 11% *2013 & 2015 earnings exclude gains related to tax recoveries and the reorganization of the asset management agreement with Dream Office REIT, respectively

35 Billions 17% 23% *includes impact of the reorganization of the asset management agreement with Dream Office REIT, whereby Dream received 4.85 million REIT units in consideration for the asset management fee stream on April 2, 2015

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37 (1) Refer to the Non-IFRS Measures section of the Q MDA for definitions of non-ifrs measures, including Dream standalone. Debt (incl. Prefs) - to - Total Assets

38 $9.04/share $8.42/share $6.38/share $7.39/share CAGR in BV/S Q3/18 $5.23/share $3.73/share (1) Total equity per share is calculated based on total shareholder s equity, including SDC s non-controlling interest for years prior to (2) Total equity for Dream standalone, refer to Q MD&A

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44 (1) The economic interest in 100 Steeles Ave West is split 8.33% Dream Unlimited, 25% Dream Alternatives Trust and 66.7% other JV partners. (2) The economic interest in West Don Lands is split 8.33% Dream Unlimited, 25.0% Dream Alternatives Trust, 33.3% Kilmer Van Nostrand Co. and 33.3% Tricon Capital Partners. (3) The economic interest Frank Gehry-designed Mirvish development is split 6.25% Dream Unlimited, 18.75% Dream Alternatives Trust, 50% Great Gulf Residential and 25% JV partners. (4) The economic interest in Port Credit is split 7.75% Dream Unlimited, 23.25% Dream Alternatives Trust and 69% JV Partners. (5) The economic interest for Lakeshore East is split 12.5% Dream Unlimited, 37.5% Dream Alternatives Trust and 50% Great Gulf Residential. (6) CP and Dream have identified more than 30 properties, comprising over 4,000 acres in Canada and the US for the joint venture. (7) In 2014, Dream entered into a strategic partnership with POBA, a South Korean pension fund and one of the most active overseas real estate investors in South Korea. Choosing Dream as a partner was an endorsement of our strong operating platform in Germany and ability to source accretive acquisitions in the future.

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47 (1) Anticipated sales starts are subject to change and based on current information available to management. (2) Annexation is the process of transitioning land from one municipality to another for the purposes of expanding boundaries to accommodate future growth. This process occurs before Tier 1 milestones.

48 Forward-Looking Information This presentation may contain forward-looking information within the meaning of applicable securities legislation including, but not limited to statements relating to our objectives, strategies to achieve those objectives, our beliefs, plans, estimates, projections and intentions, and similar statements concerning anticipated future events, future growth, results of operations, performance, business prospects and opportunities, acquisitions or divestitures, tenant base, future maintenance and development plans and costs, capital investments, financing, the availability of financing sources, income taxes, vacancy and leasing assumptions, litigation and the real estate industry in general, including specifically statements in respect of the timing of retail developments (including leasing timelines), expected development yields on retail projects, our development plans and proposals for future retail and condominium and mixed-use projects and future stages of current retail and condominium and mixed-use projects, future land acquisitions and financings and the timing thereof, our estimated performance metrics for our retail projects (including estimated acres to develop, estimated GLA at completion, estimated stabilized NOI at completion, estimated completion date, estimated cost of development including land, estimated cost to complete, estimated value upon completion, estimated cost per square foot, estimated value per square foot upon completion), development timelines and anticipated returns on current and future condominium and mixed-use projects, the timing of condominium occupancies and closings, anticipated current and future lot and acre sales and housing occupancies, timing of approvals, projected population and density in our housing developments, our ability to increase development on our owned lands, our expansion plans for recreational properties and the anticipated effect on revenue, performance of the land development, housing development, condominium and mixed-use development and retail and commercial developments divisions, our expected steady state net margin, average growth in income per annum, our expected sources of income, and our expectations of future levels of recurring income, our future earnings growth, and our financial performance, profitability and liquidity for future years. Any such forward-looking information is based on information currently available to us, and is based on assumptions and analyses made by us in light of our respective experiences and perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate in the circumstances, including but not limited to: that no unforeseen changes in the legislative and operating framework for the respective businesses will occur; that we will meet our future objectives and priorities; that we will have access to adequate capital to fund our future projects and plans; that our future projects and plans will proceed as anticipated; and that future market and economic conditions will occur as expected. All forward-looking information in this presentation speaks as of the date of this presentation. Dream does not undertake to update any such forward looking information whether as a result of new information, future events or otherwise, except as required by law. Additional information about these assumptions and risks and uncertainties is disclosed in filings with securities regulators filed on SEDAR ( Non-IFRS Measures Dream s condensed consolidated financial statements are prepared in accordance with International Financial Reporting Standards ( IFRS ). In this presentation, as a complement to results provided in accordance with IFRS, Dream discloses and discusses certain non-ifrs financial measures, including assets under management, debt-to-total assets, EBITDA, NOI, GAV, IRR, Total return*, and CAGR as well as other measures discussed elsewhere in this presentation. These non-ifrs measures are not defined by IFRS, do not have a standardized meaning and may not be comparable with similar measures presented by other issuers. Dream has presented such non-ifrs measures as Management believes they are relevant measures of our underlying operating performance and debt management. Non-IFRS measures should not be considered as alternatives to comparable metrics determined in accordance with IFRS as indicators of Dream s performance, liquidity, cash flow, and profitability. For a full description of these measures and, where applicable, a reconciliation to the most directly comparable Dream standalone measure calculated in accordance with IFRS, please refer to the Non-IFRS Measures section in Dream s MD&A for the three and nine months ended September 30, *Total return is defined as the appreciation in the stock/unit price plus any dividends/distributions paid, divided by the original price of the stock/unit.

49 Feel free to contact us should you have any questions Pauline Alimchandani EVP & CFO (416) Kim Lefever Senior Manager, Investor Relations (416)