Dream Industrial REIT Announces Continued Portfolio Transformation, Development Update and $175 Million Equity Offering

This press release constitutes a “designated news release” for the purposes of Dream Industrial REIT’s prospectus supplement dated February 26, 2021 to its short form base shelf prospectus dated October 11, 2019

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.

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TORONTO, April 15, 2021 (GLOBE NEWSWIRE) -- Dream Industrial REIT (TSX: DIR.UN) (“Dream Industrial”, “DIR”, the “REIT” or the “Trust”) today announced an update on its robust pace of capital deployment, progress on its development pipeline, and the launch of a $175 million equity offering.

“Over the past four years, we have identified several priorities to transform Dream Industrial into a high quality, geographically diverse entity. We have acquired $1.3 billion of assets in Europe, Ontario, Quebec and the U.S., divested assets in Atlantic Canada and have initiated a large-scale development program. NAV growth over this time period has been 34% and the REIT has significantly reduced its leverage and balance sheet risk. Our portfolio is now more modern and logistics oriented, with buildings that are on average 25% larger and leased to tenants that are 75% larger, with over 40% of our base rent coming from tenants occupying spaces larger than 100,000 square feet,” said Brian Pauls, Chief Executive Officer of Dream Industrial REIT. “With our seasoned platform in North America and Europe and our strong balance sheet, the REIT is very well positioned to capitalize on the momentum and strong industrial fundamentals in a post pandemic environment. Our current acquisition and development pipeline is exceptionally strong and presents a unique opportunity to drive further improvements in quality and value for the REIT and our investors over the long term.”

ACQUISITION UPDATE

In 2021, the Trust has completed or waived conditions on 13 acquisitions valued at $329 million in Canada, the U.S. and Europe. These include $138 million of acquisitions announced with our Q4 2020 results and $191 million of new acquisitions, which include:

• A 366,000 square foot Class A distribution and warehousing asset in the Greater Montreal Area (“GMA”) for $62 million. Built in 2003, the building was expanded by 138,000 square feet of 32 feet clear warehouse space in 2020. The property is fully occupied by tenants primarily in the Logistics and Healthcare industries. With the average in-place rent 10% below the current market rent and with a weighted average remaining lease term of 3.5 years, the Trust expects to generate significant rental rate growth as leases roll;