DREAM INDUSTRIAL REIT ANNOUNCES SUSPENSION OF DRIP, IMPLEMENTATION OF NORMAL COURSE ISSUER BID AND AUTOMATIC SECURITIES PURCHASE PLAN

This press release contains forward-looking information that is based upon assumptions and is subject to risks and uncertainties as indicated in the cautionary note contained within this press release.

TORONTO, March 27, 2020 (GLOBE NEWSWIRE) -- Dream Industrial REIT (TSX: DIR.UN) (“Dream Industrial REIT” or the “Trust”) announced today that, in response to the market disruption caused by the COVID-19 pandemic, it has suspended its Distribution Reinvestment and Unit Purchase Plan (the “DRIP”) effective as of the distribution payable on April 15, 2020 to unitholders of record as at March 31, 2020 (the “March Distribution”). The DRIP will remain suspended until further notice and commencing with the March Distribution, distributions of the Trust will be paid only in cash. Upon reinstatement of the DRIP, plan participants enrolled in the DRIP at the time of its suspension who remain enrolled at the time of its reinstatement will automatically resume participation in the DRIP.

“We are in constant communications with our lenders, tenants and partners to ensure that the Trust and our stakeholders are well supported through this challenging period,” said Brian Pauls, Chief Executive Officer of Dream Industrial REIT. “The COVID-19 pandemic has created an uncertain market environment and we have suspended our DRIP as we do not believe it is in the best interests of the Trust or its unitholders to issue units at current prices, particularly given our strong balance sheet and ample liquidity.”

The Trust also announced today that the Toronto Stock Exchange (“TSX”) accepted a notice filed by the Trust to make a normal course issuer bid for a one-year period. Under the bid, the Trust will have the ability to purchase for cancellation up to a maximum of 14,204,702 of its Units (the “Units”) (representing 10% of Dream Industrial REIT’s public float of 142,047,020 Units) through the facilities of the Toronto Stock Exchange. The bid will commence on Tuesday, March 31, 2020 and will remain in effect until the earlier of March 30, 2021 or the date on which the Trust has purchased the maximum number of Units permitted under the bid. Daily purchases will be limited to 128,414 Units which equals 25% of the average daily trading volume (“ADTV”) (or 256,828 representing 50% of the ADTV allowable up to June 30, 2020) during the last six calendar months (being 513,657 Units per day), other than purchases pursuant to applicable block purchase exceptions. As of March 20, 2020, the number of issued and outstanding Units is 152,664,181.