Desired Industrial REIT Research Q1 2021 Monetary Outcome and Stronger Year-Over-Year Progress

This pr release includes forward-looking facts definitely in relation to assumptions and is also susceptible to risks and concerns as shown when you look at the preventive notice included from this pr release. All buck amounts are in Canadian dollars unless otherwise indicated.


TORONTO–( COMPANIES CABLE )–Dream Industrial REIT (DIR.UN-TSX) or (the “Trust” or “DIR” or the “REIT” or “we”) today revealed the monetary results for the three months finished March 31, 2021. Management will coordinate a conference label to go over the monetary outcomes may 5, 2021 at 11:00 a.m. (ET).

Diluted resources from businesses (“FFO”) per device (1) was $0.19 in Q1 2021, a 10% increase when comparing to Q1 2020;

Net local rental income in Q1 2021 is $47 million, an increase of 17.4percent, in comparison to $40 million in Q1 2020;

Relative residential properties NOI (“CP NOI”) (continual money factor) (1) in Q1 2021 increased by 3.1percent, when compared to Q1 2020. The Canadian portfolio submitted 2.0percent CP NOI development, mostly powered by a 6.1per cent CP NOI upsurge in Ontario. The U.S. collection CP NOI increased by 6.7% on a constant currency factor, as a result of a rise in occupancy rates of 2.0per cent and an increase in in-place lease of 2.4per cent;

Financial investment house values improved by $75 million in Q1 2021 highlighting greater markets rents, powerful rental task in Ontario, and compression in capitalization costs primarily in Quebec; and

Considering that the conclusion of Q4 2020, the count on possess finalized approximately 1.1 million sq ft of new leases at a 19% spread over before rents; and

Additionally, installment loans Missouri the believe finished almost 0.9 million sq ft of renewals at a 20per cent spread over expiring rents because conclusion of Q4 2020.

Continued portfolio high-grading and improved monetary versatility:

Over $350 million of purchases done as of yet in 2021, including $41 million of income-producing property and a 30-acre parcel of land for $35 million in the better Toronto room (“GTA”) that closed after quarter-end;

An added $155 million of purchases which happen to be fast, under contract or even in exclusivity when you look at the Trust’s target industries in Canada, the U.S., Germany, as well as the Netherlands; and

Strong stability piece – The Trust’s internet total-debt-to-assets proportion (1) was 28.7per cent as at March 31,2021. The Trust consistently build focus towards operating with an unsecured financing model featuring its unencumbered investment pool totalling roughly $2.05 billion, symbolizing over 57percent of investment attributes value as at March 31, 2021.



Three months finished

(in 1000s of dollars except per Unit amount)

Running success

Funds from surgery (“FFO”) (1)

Internet local rental money

CP NOI (constant currency factor) (1)(2)

Per Unit amounts

FFO – toned down (1)(3)

Discover footnotes at end.


(in thousands of dollars)

Total profile

Quantity of possessions (4)

Investments homes reasonable appreciate

Gross leasable neighborhood (“GLA”) (in many sq. ft.)

Occupancy rate – in-place and loyal (period-end)

Occupancy rates – in-place (period-end)

See footnotes at conclusion.


(in 1000s of dollars except per device quantities)

Credit score rating rating- DBRS

Net overall debt-to-assets proportion (1)

Web utter debt-to-adjusted EBITDAFV (years) (1)

Interest protection ratio (times) (1)

Weighted ordinary face interest rate on obligations (period-end)

Weighted average staying name to readiness on financial obligation (years)

Unencumbered property (period-end) (1)

Readily available exchangeability (period-end) (1)

Internet house worth (“NAV”) per product (period-end) (1)

See footnotes at conclusion.

“ We always focus on enhancing the top-notch all of our profile adding large houses with high-quality tenants, in strong areas with big leasing rates progress potential,” mentioned Brian Pauls, Chief Executive Officer of fantasy business REIT. “ to date in 2021, we currently shut or contracted over $500 million of possessions and our very own focus in the years ahead will still be developing through high-quality acquisitions and creating best-in-class possessions on properties right now we posses and land acquired within target opportunities. Overall, all of our goal should write a far more durable, valuable, and growing companies in regards to our unitholders.”


Acquisitions – considering that the conclusion of Q4 2020, the confidence enjoys sealed on 12 income-producing property plus one secure lot across Canada, the U.S., and Europe totalling about $350 million, at a going-in weighted typical capitalization price (“cap rate”) of 4.5percent. The income-producing asset acquisitions include 1.8 million sqft of top-notch, well-located and functional strategies space towards Trust’s profile. Built on typical in the mid-2000s, these property were over the ordinary quality of the Trust’s portfolio, with a typical clear ceiling-height of 30 foot. The purchases comprise financed by cash-on-hand and proceeds from the equity supplying completed in January 2021. Assuming influence of 37.5percent regarding assets, and accessibility euro-equivalent financial obligation at an all-in interest rate of 0.50percent, the Trust’s going-in levered give regarding the income-producing property is expected is about 6.5%.