Dream Industrial REIT Provides Business Update and Announces Continued Portfolio Growth in Target Markets - Seite 2

Over the course of Q2 2020, the Trust has continued to collaborate with its tenants, lenders, and partners and act in the best interests of its employees and other stakeholders, while actively pursuing growth initiatives across its portfolio. Rent collection numbers have been strong with over 95% of rent collected for the months of April and May, after adjusting for agreed-upon rent deferrals. To date, the Trust has collected approximately 90% of rent for the month of June after adjusting for rent deferrals, which is slightly above the collection levels on the same business day in April and May of 2020. Rent collection performance has been consistent across all of the Trust’s operating regions.

To date, the Trust has agreed to rent deferral arrangements with 75 tenants totaling approximately CAD 2.3 million in deferred rent, which represents approximately 3.5% of gross rent for Q2 2020. The majority of the deferred amounts are expected to be collected by year end 2020.

The Trust is actively working with its small business tenants who qualify for the Canada Emergency Commercial Rent Assistance (“CECRA”) program. While the impact to the Trust’s financial results is expected to be limited, it provides an opportunity to assist smaller businesses during the disruption and build strong relationships over the long term. The Trust is currently reviewing requests from approximately 100 tenants which represent approximately CAD 0.6 million of total rent relief over the term of the program, less than 0.5% of DIR's annualized gross rent, assuming every application is eligible.

“Over the past few weeks we have seen a substantial increase in touring activity across our portfolio, while the market rents remain steady,” said Alexander Sannikov, Chief Operating Officer of Dream Industrial REIT. “The outlook for industrial real estate remains strong and our high-quality, well-located portfolio is positioned to perform well. With business activity picking up pace, we are actively pursuing value add and growth initiatives across the portfolio including redevelopment and intensification of several properties in the GTA, ground up development of our Las Vegas site as well as a solar power program in the Netherlands. We are also looking at opportunities to upgrade the quality of our portfolio, including selectively selling assets in Western Canada that do not meet our return thresholds and reinvesting proceeds into higher quality assets in our target markets.”