Dream Industrial Real Estate Investment Trust
TSX:DIR.UN

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Dream Industrial Real Estate Investment Trust Logo
Dream Industrial Real Estate Investment Trust
TSX:DIR.UN
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Price: 12.08 CAD 1.43% Market Closed
Market Cap: 3.4B CAD

Dream Industrial Real Estate Investment Trust
Investor Relations

Dream Industrial Real Estate Investment Trust is an intriguing player in the realm of industrial properties, capitalizing on the burgeoning demand for logistics and distribution spaces. The trust specializes in acquiring strategically located industrial assets, which range from warehouses to distribution centers and light manufacturing facilities. By curating a portfolio across prime markets in Canada, the United States, and Europe, Dream Industrial caters to the essential backbone of global commerce—businesses needing efficient spaces to store, process, and move goods. This strategic focus on high-quality locations ensures a steady stream of rental income, which forms the foundation of its revenue model. The trust is well-versed in optimizing the value of its properties through active management, capital improvements, and fostering strong tenant relationships, thereby enhancing both occupancy rates and rental yield.

Revenue generation for Dream Industrial hinges on a meticulous approach to property management and leasing. By negotiating robust leasing agreements with tenants, the trust secures long-term streams of income, often benefiting from contractual rent escalations. This is coupled with a keen eye for market opportunities, enabling the trust to balance its portfolio through acquisitions and divestitures aligned with emerging industrial trends. The firm's adeptness in adjusting to shifts in tenant demands means Dream Industrial can swiftly recalibrate spaces for industries ranging from e-commerce giants to third-party logistics providers. By leveraging economies of scale and maintaining high occupancy, the trust maximizes its operational efficiencies, which in turn, supports stable, and potentially growing, distributions to its investors. Through this disciplined approach, Dream Industrial crafts a resilient model built to adapt and thrive in the evolving landscape of supply chain logistics.

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Last Earnings Call
Fiscal Period
Q3 2025
Call Date
Nov 5, 2025
AI Summary
Q3 2025

FFO Growth: Dream Industrial REIT reported 4.3% year-over-year growth in FFO per unit for Q3 2025, reaching $0.27 per unit.

NOI Acceleration: Comparative properties NOI grew by 6.4% for the quarter, with 8.5% growth in Canada and a 7.6% increase in in-place rents.

Occupancy & Leasing: In-place occupancy improved by 40 bps to 94.5%, with over 250,000 square feet of vacancies and new developments leased; committed occupancy slipped slightly to 95.4% due to longer lease negotiations.

Portfolio Activity: The REIT completed over $100 million in targeted acquisitions and has approximately $150 million of potential dispositions in progress to upgrade portfolio quality.

Solid Balance Sheet: Net debt-to-EBITDA stands at 8.1x, with over $828 million in liquidity. 70% of 2025 maturities have been addressed, and new $200 million unsecured debentures were issued at 4.29%.

Outlook Affirmed: Management expects CP NOI and FFO per unit growth pace to continue into Q4 2025 and 2026, reiterating their positive guidance.

Leasing Pipeline: The leasing pipeline is 50–70% larger than recent quarters, with over 1.7 million square feet of lease negotiations underway post-quarter-end.

Strategic Initiatives: Progress continues in solar generation projects, data center power upgrades, and private partnership formation in both North America and Europe.

Key Financials
FFO per unit (diluted)
$0.27
Comparative Properties NOI Growth
6.4%
Comparative Properties NOI Growth (Canada)
8.5%
In-place Rents Growth
7.6%
In-place Occupancy
94.5%
Committed Occupancy
95.4%
Net Asset Value per unit
$16.74
Net Debt to EBITDA
8.1x
Total Available Liquidity
$828 million
Debt Addressed (2025 maturities)
70%
Series G Unsecured Debenture Issuance
$200 million at 4.29% all-in rate
Potential Dispositions
$150 million
Acquisitions (year-to-date)
over $100 million
Leasing Spread (Canada, Q3)
around 40%
Leases Signed (Europe, year-to-date)
over 2.5 million square feet
Leases Signed (Canada & Europe combined, year-to-date)
over 1.8 million square feet
Solar Generation Pipeline
over 120 megawatts
Data Center Power Capacity (sites identified)
13 sites, over 600 megawatts potential
Data Center Power (deposits advanced)
2 sites, 105 megawatts
Other Earnings Calls

Management

Mr. Alexander Sannikov
CEO, President & Non-Independent Director
No Bio Available
Ms. Lenis W. Quan
Chief Financial Officer
No Bio Available
Mr. Bruce Traversy
Chief Investment Officer
No Bio Available
Ms. P. Jane Gavan
President of Asset Management
No Bio Available

Contacts

Address
ONTARIO
TORONTO
30 Adelaide St E Suite 301
Contacts
+14163653535.0
www.dream.ca