{"success":true,"data":{"pressRelease":{"id":"22259","rtpr_id":"nBw5bDG6Ma","ticker":"DIR_U","exchange":"TSX","all_tickers":["DIR_U"],"title":"Dream Industrial REIT Reports Q1 2026 Results With 9% Comparative Properties Net Operating Income and 7% Net Rental Income Growth","author":"Business Wire","published_at":"2026-05-05T21:35:00.137Z","article_body":"Dream Industrial REIT Reports Q1 2026 Results With 9% Comparative Properties\nNet Operating Income and 7% Net Rental Income Growth\n\nThis press release contains forward-looking information that is based upon\nassumptions and is subject to risks and uncertainties as indicated in the\ncautionary note contained within this press release. All dollar amounts are in\nCanadian dollars unless otherwise indicated.\n\nDream Industrial Real Estate Investment Trust (DIR.UN-TSX) or (the “REIT”\nor “Trust” or “Dream Industrial REIT” or “DIR” or “we” or\n“us”) today announced its financial results for the three months ended\nMarch 31, 2026. Management will host a conference call to discuss the\nfinancial results on May 6, 2026 at 11:00 a.m. (ET).\n\nThis press release features multimedia. View the full release here:\nhttps://www.businesswire.com/news/home/20260505081724/en/\n(https://www.businesswire.com/news/home/20260505081724/en/)\n\nDen Bosch, the Netherlands\n\n“Dream Industrial kicked off 2026 with strong performance, delivering 9% CP\nNOI growth driven by healthy leasing activity and continued execution of our\nasset management initiatives. Our strong organic growth drove solid\nyear-over-year FFO per unit growth even as our balance sheet remained\nunderutilized this quarter, providing us with meaningful dry powder to deploy\ninto accretive opportunities,” said Alexander Sannikov, President &\nChief Executive Officer of Dream Industrial REIT. “In line with our previous\ncommunications, we have returned nearly $100 million of capital to unitholders\nthrough the NCIB, and we have a strong pipeline of high-growth opportunities\nacross our target markets. At the same time, we are focusing on scaling our\nprivate ventures with $390 million of acquisitions already completed to date\nor in exclusivity, while continuing to explore opportunities in new markets.\nWith all of our growth drivers intact, we are confident in the ongoing\nresilience of our business.”\n\nHIGHLIGHTS\n\n\n * Diluted funds from operations (“FFO”) per Unit((1)) was $0.26 in Q1 2026,\na 2.0% increase when compared to Q1 2025.\n\n * Completed $453 million of asset dispositions in the quarter, including the\nfirst tranche of assets sold to the Dream CPP Investments JV (the “DCI\nJV”)((5)). The net proceeds were used to partially repay amounts outstanding\non the unsecured revolving credit facility, reducing leverage by over 160 bps\ncompared to the fourth quarter of 2025.\n\n * Closed on over $150 million of acquisitions across the Trust’s wholly-owned\nportfolio and private ventures since the beginning of 2026 ($37 million at the\nTrust’s share), adding over 1 million square feet of GLA to the Trust’s\nowned and managed portfolio.\n\n * Comparative properties net operating income (“CP NOI”) (constant currency\nbasis)((2)) increased by 9.0% to $99.6 million in Q1 2026, when compared to\n$91.4 million in Q1 2025.\n\n * In-place and committed occupancy for the Trust’s wholly-owned Canadian\nportfolio increased to 96.8% as at March 31, 2026 compared to 94.4% as at\nMarch 31, 2025.\n\n * In-place and committed occupancy for the Trust’s wholly-owned European\nportfolio was 95.0% in Europe as at March 31, 2026, compared to 96.9% as at\nMarch 31, 2025. Occupancy this quarter reflects the acquisition of a vacant\nasset in the Netherlands, acquired as part of the Trust’s value-add\nstrategy.\n\n * Signed over 1.8 million square feet of new leases and renewals across the\nTrust’s wholly-owned portfolio at a weighted average rental spread of 26.4%\nsince the beginning of 2026 through April 30, 2026, driven by 66% spread in\nOntario, 12% spread in Québec and 11% spread in Western Canada.\n\n * Repurchased and cancelled $97.2 million of REIT Units under the normal course\nissuer bid (\"NCIB\") program at a weighted average price of $12.95 per REIT\nUnit since the beginning of the year to May 1, 2026.\n\n * Net rental income was $97.8 million in Q1 2026, a 6.6% increase when compared\nto $91.7 million in Q1 2025, driven by increases of 6.2% in Ontario, 18.4% in\nQuébec, 26.0% in Western Canada and 11.7% in Europe, excluding disposed\ninvestment properties and assets held for sale.\n\n * Net income was $62.8 million in Q1 2026, an increase of $15.3 million when\ncompared to $47.5 million in Q1 2025. The net income in Q1 2026 was comprised\nof net rental income of $97.8 million, interest expense on debt of $23.5\nmillion, negative fair value adjustments to investment properties of $10.3\nmillion and other net expense of $1.2 million.\n\n * Total assets were $8.1 billion as at March 31, 2026, a 4.7% decrease when\ncompared to $8.4 billion as at December 31, 2025, driven by dispositions\npartially offset by an increase in investment property value due to\nacquisitions, investments in the Dream Summit JV (the “DSI JV”)((3)), the\nU.S. Fund((4)) and the DCI JV, development projects and foreign exchange\ntranslation adjustments.\n\n\n 1. Diluted FFO per Unit is a non-GAAP ratio. For further information on this\nnon-GAAP ratio, please refer to the statements under the heading “Non-GAAP\nfinancial measures, ratios and supplementary financial measures” in this\npress release.\n\n 2. CP NOI (constant currency basis) is a non-GAAP financial measure. The tables\nincluded in the Appendices section of this press release reconcile this\nnon-GAAP financial measure with its most directly comparable IFRS Accounting\nStandards financial measure. For further information on this non-GAAP\nfinancial measure, please refer to the statements under the heading\n“Non-GAAP financial measures, ratios and supplementary financial measures”\nin this press release.\n\n 3. A joint venture between GIC and the Trust in which the Trust has a 10%\ninterest.\n\n 4. A private U.S. industrial fund in which the Trust has a 30.5% ownership\ninterest.\n\n 5. A joint venture between CPP Investments and the Trust in which the Trust has a\n10% interest.\n\nFINANCIAL HIGHLIGHTS\n SELECTED FINANCIAL INFORMATION                                                                                     \n (unaudited)                                                                    Three months ended                  \n                                                                                       March 31,         March 31,  \n (in thousands of dollars except per Unit amounts)                                     2026              2025       \n Operating results                                                                                                  \n Net rental income (\"NOI\")                                                      $      97,777     $      91,710     \n Comparative properties net operating income (“CP NOI”) (constant currency      $      99,553     $      91,355     \n basis)((1))                                                                                                        \n Net income                                                                     $      62,840     $      47,488     \n Funds from operations (“FFO”)((2))                                             $      76,289     $      74,602     \n FFO – diluted per Unit((3)(4))                                                 $      0.26       $      0.26       \n Distribution rate per Unit                                                     $      0.17       $      0.17       \n FFO payout ratio((3))                                                                 66.8%             69.0%      \n See footnotes at end.                                                                                              \n\n PORTFOLIO INFORMATION                                                                                              \n                                                                        As at                                       \n                                                                        March 31,      December 31,      March 31,  \n (in thousands of dollars)                                              2026           2025              2025       \n Total portfolio                                                                                                    \n Number of assets((5)(6))                                               343            342               336        \n Investment properties fair value                                   $   6,649,195  $   6,633,177     $   7,134,982  \n Investment properties fair value (including assets held for sale)  $   7,018,295  $   7,438,177     $   7,314,982  \n Gross leasable area (“GLA”) (in millions of sq. ft.)((6))              74.1           73.6              72.6       \n Occupancy – in-place and committed (period-end)                                                                    \n Wholly-owned Canadian portfolio((7))                                   96.8%          96.2%             94.4%      \n Wholly-owned European portfolio                                        95.0%          96.5%             96.9%      \n Total portfolio((8))                                                   95.7%          96.2%             95.4%      \n Occupancy – in-place (period-end)                                                                                  \n Wholly-owned Canadian portfolio((7))                                   96.1%          95.8%             93.2%      \n Wholly-owned European portfolio                                        94.1%          95.5%             96.1%      \n Total portfolio((8))                                                   94.9%          95.5%             94.5%      \n See footnotes at end.                                                                                              \n\n FINANCING AND CAPITAL INFORMATION                                                                               \n (unaudited)                                                                       As at                         \n                                                                                   March 31,       December 31,  \n (in thousands of dollars except per Unit amounts)                                 2026            2025          \n FINANCING                                                                                                       \n Credit rating – DBRS                                                              BBB (high)      BBB (high)    \n Net total debt-to-total assets (net of cash and cash equivalents) ratio((9))      36.8%           38.4%         \n Net total debt-to-normalized adjusted EBITDAFV ratio (years)((10))                7.3             7.7           \n Interest coverage ratio (times)((11))                                             4.5             4.7           \n Weighted average face interest rate on debt (period-end)((12))                    3.19%           3.19%         \n Unencumbered investment properties (period-end)((13))                         $   5,892,118   $   6,277,035     \n Unencumbered investment properties as a percentage of total investment            84.0%           84.4%         \n properties((13))                                                                                                \n Total assets                                                                  $   8,050,062   $   8,442,797     \n Cash and cash equivalents                                                     $   35,872      $   41,431        \n Available liquidity((14))                                                     $   604,895     $   338,525       \n CAPITAL                                                                                                         \n Total equity (per condensed consolidated financial statements)                $   4,748,796   $   4,791,574     \n Total equity (including LP B Units)((15))                                     $   4,840,996   $   4,885,339     \n Total number of Units (in thousands)((16))                                        288,798         294,260       \n Net asset value (“NAV”)( )per Unit((17))                                      $   16.76       $   16.60         \n Unit price                                                                    $   12.37       $   12.58         \n See footnotes at end.                                                                                           \n\n\nORGANIC GROWTH\n\n\n * Continued strong leasing momentum at attractive rental spreads – From\nJanuary 1, 2026 through to April 30, 2026, the Trust has transacted over 1.8\nmillion square feet of leases across its wholly-owned portfolio at a weighted\naverage rental rate spread of 26.4% over prior or expiring rents.\n\n\n* In Canada, the Trust signed over 1.4 million square feet of leases,\nachieving\na weighted average rental rate spread to expiry of 33.1% and an average annual\ncontractual rent growth of 3.0%.\n\n * In Europe, the Trust signed over 0.4 million square feet of leases, achieving\na weighted average rental rate spread to expiry of 4.3%. All of the leases are\nfully indexed to local consumer price indices (“CPI”) or have contractual\nrent steps.\n\n\n\n\nAs at March 31, 2026, estimated average market rents across the Trust’s\nwholly-owned portfolio in Canada and Europe exceeded the average in-place and\ncommitted rents for remaining expiring 2026 leases by 29.7% and 24.9%,\nrespectively.\n\nAlong with capturing substantial rental rate growth, the Trust embeds\ncontractual annual rental rate escalators to drive consistent CP NOI (constant\ncurrency basis) growth, averaging approximately 3% in its wholly-owned\nCanadian portfolio, while approximately 85% of European leases are indexed to\nthe local CPI, with the balance featuring contractual rent steps.\n\n\n * Solid pace of CP NOI (constant currency basis)((1)) growth – CP NOI\n(constant currency basis) for the three months ended March 31, 2026 was $99.6\nmillion, compared to $91.4 million for the three months ended March 31, 2025,\nrepresenting an increase of 9.0% compared to the prior year comparative\nquarter.\n\n\n\nThe Canadian portfolio posted year-over-year CP NOI (constant currency basis)\ngrowth of 12.8% for the three months ended March 31, 2026, driven by 6.8%,\n31.1% and 8.5% CP NOI growth in Ontario, Québec and Western Canada,\nrespectively. Overall, in-place base rents for the Canadian portfolio\nincreased by 9.5% for the three months ended March 31, 2026.\n\n\n\nIn Europe, year-over-year CP NOI (constant currency basis) increased by 4.9%\nfor the three months ended March 31, 2026. The increase was driven by higher\nrental rates on new and renewed leases, completed intensification projects, in\naddition to CPI indexation.\n\n\n * Healthy occupancy levels – The Trust’s in-place occupancy for its Canadian\nportfolio was 96.1% as at March 31, 2026 compared to 95.8% as at December 31,\n2025, primarily driven by the lease-up of several vacancies in Québec during\nthe quarter and its recently completed 20-acre development in Alberta.\n\n\n\nThe Trust’s in-place occupancy for its European portfolio was 94.1% as at\nMarch 31, 2026 compared to 95.5% as at December 31, 2025, primarily driven by\nthe acquisition of a 163,000 square foot vacant asset in the Netherlands as\npart of the Trust’s value-add strategy.\n\n\n\nThe Trust’s in-place occupancy across its wholly-owned and managed portfolio\n(at the Trust’s share) was 94.9% as at March 31, 2026, compared to 95.5% as\nat December 31, 2025.\n\n\n\nThe Trust’s in-place and committed occupancy across its wholly-owned and\nmanaged portfolio (at the Trust’s share) was 95.7% as at March 31, 2026,\ncompared to 96.2% as at December 31, 2025. The Trust continues to be in active\ndiscussions with prospective tenants and it expects significant opportunities\nto capture strong income growth as spaces are leased.\n\n\n * Continued growth in net rental income for the quarter – Net rental income\nfor the three months ended March 31, 2026 was $97.8 million representing an\nincrease of $6.1 million or 6.6%, relative to the comparative prior year\nquarter. For the quarter, year-over-year net rental income increased by 6.2%\nin Ontario, 18.4% in Québec, 26.0% in Western Canada and 11.7% in Europe,\nexcluding disposed investment properties and assets held for sale. The\nincrease was mainly driven by strong CP NOI (constant currency basis) growth\nover the past year, completion and lease-up at the Trust's development\nprojects and growth in net property management income.\n\nACQUISITIONS AND DISPOSITIONS UPDATE\n\nDuring the quarter, the Trust acquired a 163,000 square foot asset located in\nthe Netherlands for a purchase price of $23.3 million. The property is\nsituated on a 5-acre site within a well-established business park, benefitting\nfrom strong surrounding infrastructure and modern industrial zoning. The\nlocation supports continued commercial growth and functions as a key logistics\nhub, offering excellent highway connectivity and access to multimodal\ntransportation networks. The asset was acquired vacant as part of the Trust's\nvalue-add strategy and is expected to deliver a NOI yield of approximately 8%\non purchase price upon stabilization.\n\nSee Figure 1, [Den Bosch, the Netherlands]\n\nThe breadth and quality of the Trust’s pipeline of opportunities continue to\ngrow. Currently, the Trust has over $500 million of acquisitions firm or under\nexclusivity across Canada and Europe, providing significant opportunity to\nhigh-grade its portfolio through disciplined capital deployment.\n\nThe Trust continues to actively pursue disposition opportunities as part of\nits ongoing capital recycling program. During the quarter, the Trust completed\nthe previously announced first tranche portfolio sale comprising six\nindustrial assets (22 buildings) totalling 1.9 million square feet across\nOntario, Québec and Western Canada to the newly formed DCI JV for net\nproceeds of $375 million. The Trust expects to close the second tranche sale\ncomprising the remaining five assets totalling 1.6 million square feet to the\nDCI JV in mid-2026.\n\nAdditionally, the Trust completed the previously announced sale of a\nnon-strategic asset located in the GTA West, Ontario, for $17.5 million or\napproximately $374 per square foot during the quarter.\n\nSTRATEGIC PRIVATE VENTURES UPDATE\n\nThe Trust continues to actively deploy capital alongside its partners, adding\nhigh-quality industrial product within its private ventures while further\nscaling its property management and leasing platform. Since the beginning of\n2025, the Trust’s private ventures have completed over $600 million of\nacquisitions. Net property management leasing margin for the three months\nended March 31, 2026 was $3.4 million, representing an increase of $0.4\nmillion or 14.4% compared to the comparative prior year quarter.\n\nDuring the quarter, the Trust’s private ventures acquired two assets\ntotalling 283,000 square feet located in the Greater Toronto Area (“GTA”)\nand Calgary for a total purchase price of $52.6 million ($5.3 million at the\nTrust’s share), including the DCI JV’s first acquisition in addition to\nthe initial portfolio.\n\nSubsequent to the quarter, the DSI JV acquired a four-building industrial\nportfolio totalling 618,000 square feet located in the highly desirable\nFoothills industrial node in Calgary, Alberta for a purchase price of $81.3\nmillion ($8.1 million at the Trust’s share).\n\nDEVELOPMENT UPDATE\n\nDuring the quarter, the Trust completed its build-to-suit expansion and\nrefurbishment project in the Netherlands, adding 125,000 square feet of\nhigh-quality distribution space. As part of the arrangement, the existing\ntenant extended its lease by an additional ten years and the project is now\nfully contributing to the Trust’s NOI, delivering an unlevered yield on cost\nof 7%.\n\nSee Figure 2, [Rendering of completed intensification project in Helmond, the\nNetherlands]\n\nCAPITAL STRATEGY\n\nAs previously announced, in connection with the formation of the DCI JV and\nthe Trust's $805 million portfolio recapitalization, the Trust has deployed a\nportion of the proceeds towards unit buybacks. Since the beginning of the year\nand up to May 1, 2026, the Trust has purchased for cancellation 7.5 million\nREIT units under its NCIB program at a weighted average of $12.95 per REIT\nUnit for a gross amount of $97.2 million.\n\nThe Trust continues to maintain significant financial flexibility as it\nexecutes on its strategic initiatives. The Trust’s proportion of secured\ndebt((18)) was 5.5% of total assets and represents 14.9% of total debt((19)).\nThe Trust’s unencumbered asset pool((13)) totalled $5.9 billion as at March\n31, 2026, representing 84.0% of the Trust’s total investment properties\nvalue as at March 31, 2026.\n\nThe Trust ended Q1 2026 with available liquidity((14)) of $604.9 million,\nincluding $35.9 million of cash and cash equivalents, and with an additional\n$250 million that could be exercised through the accordion on its unsecured\nrevolving credit facility. The Trust’s net total debt-to-normalized adjusted\nEBITDAFV ratio was 7.3x and net total debt-to-total assets (net of cash and\ncash equivalents) ratio was 36.8% as at March 31, 2026.\n\nSubsequent to the quarter, the Trust repaid its $200 million Series E Green\nBonds that matured on April 13, 2026 by temporarily utilizing its unsecured\nrevolving credit facility. On April 21, 2026, the Trust closed on its issuance\nof $200 million of Series H unsecured debentures at an all-in interest rate of\n4.150% per annum, maturing on April 22, 2031. Concurrently, the Trust entered\ninto forward cross-currency interest rate swap arrangements to swap the\nproceeds to euros to lower the effective fixed interest rate to 4.003% per\nannum. The net proceeds were utilized to reduce the outstanding balance on its\nunsecured revolving credit facility, including indebtedness incurred in\nconnection with the repayment of the Series E Green Bonds.\n\n“With over $600 million of liquidity at the end of the first quarter plus\nthe upcoming second tranche sale of assets to the DCI JV, we have ample\nfinancial flexibility,\" said Lenis Quan, Chief Financial Officer of Dream\nIndustrial REIT. “We have completed nearly $100 million of unit buybacks so\nfar this year, and we continue to take a disciplined approach to allocate\ncapital towards strategic initiatives that enhance the long-term growth\nprofile of our business.”\n\nCONFERENCE CALL\n\nSenior management will host a conference call to discuss the financial results\non Wednesday, May 6, 2026, at 11:00 a.m. (ET). To access the conference call,\nplease dial 1-800-715-9871 in Canada or 647-932-3411 elsewhere. To access the\nconference call via webcast, please go to Dream Industrial REIT’s website at\nwww.dreamindustrialreit.ca\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.dreamindustrialreit.ca&esheet=54529372&newsitemid=20260505081724&lan=en-US&anchor=www.dreamindustrialreit.ca&index=1&md5=575f03ac61a4f0487d809b4266e079f5)\nand click on the link for News, then click on Events. A taped replay of the\nconference call and the webcast will be available for ninety (90) days\nfollowing the call.\n\nANNUAL AND SPECIAL MEETING OF UNITHOLDERS\n\nDream Industrial REIT welcomes investors to its annual and special meeting of\nunitholders at the TMX Market Centre, 120 Adelaide Street West, Toronto,\nOntario M5H 1T1 on Wednesday, June 3, 2026 at 10:00 a.m. (ET). The audio\nwebcast and digital replay can be accessed by going to\nwww.dreamindustrialreit.ca\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.dreamindustrialreit.ca&esheet=54529372&newsitemid=20260505081724&lan=en-US&anchor=www.dreamindustrialreit.ca&index=2&md5=82cd6ede5bcb2c64ef18b6aa3d50092c)\n, clicking on news and selecting events.\n\nOther information\n\nInformation appearing in this press release is a select summary of financial\nresults. The condensed consolidated financial statements and management’s\ndiscussion and analysis for the Trust will be available at\nwww.dreamindustrialreit.ca\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.dreamindustrialreit.ca&esheet=54529372&newsitemid=20260505081724&lan=en-US&anchor=www.dreamindustrialreit.ca&index=3&md5=4bd6e72c3ee313ca316280d92fa4adf5)\nand on www.sedarplus.ca\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.sedarplus.ca&esheet=54529372&newsitemid=20260505081724&lan=en-US&anchor=www.sedarplus.ca&index=4&md5=d541e49e96365517a247a8bf81cf1c66)\n.\n\nDream Industrial REIT is an owner, manager and operator of a global portfolio\nof well-located, diversified industrial properties. As at March 31, 2026, the\nREIT has an interest in and manages a portfolio which comprises 343 industrial\nassets (558 buildings) totalling approximately 74.1 million square feet of\ngross leasable area in key markets across Canada, Europe, and the U.S. The\nREIT’s objective is to deliver strong total returns to its unitholders\nthrough secure distributions as well as growth in net asset value and cash\nflow per unit underpinned by its high-quality portfolio and an investment\ngrade balance sheet. Dream Industrial REIT is an unincorporated, open-ended\nreal estate investment trust. For more information, please visit\nwww.dreamindustrialreit.ca\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.dreamindustrialreit.ca&esheet=54529372&newsitemid=20260505081724&lan=en-US&anchor=www.dreamindustrialreit.ca&index=5&md5=d8e6d5a1acded0e2d73c687f1ff40751)\n.\n\nFOOTNOTES\n\n\n 1. CP NOI (constant currency basis) is a non-GAAP financial measure. The most\ndirectly comparable financial measure to CP NOI (constant currency basis) is\nnet rental income. The table included in the Appendices section of this press\nrelease reconciles CP NOI (constant currency basis) for the three months ended\nMarch 31, 2026 and March 31, 2025 to net rental income. For further\ninformation on this non-GAAP measure, please refer to the statements under the\nheading “Non-GAAP financial measures, ratios and supplementary financial\nmeasures” in this press release.\n\n 2. FFO is a non-GAAP financial measure. The most directly comparable financial\nmeasure to FFO is net income. The table included in the Appendices section of\nthis press release reconcile FFO for the three months ended March 31, 2026 and\nMarch 31, 2025 to net income. For further information on this non-GAAP\nmeasure, please refer to the statements under the heading “Non-GAAP\nfinancial measures, ratios and supplementary financial measures” in this\npress release.\n\n 3. Diluted FFO per Unit and FFO payout ratio are non-GAAP ratios. Diluted FFO per\nUnit is comprised of FFO (a non-GAAP financial measure) divided by the\nweighted average number of Units. FFO payout ratio is calculated as total\ndistributions divided by FFO (both non-GAAP financial measures) for the\nperiod. For further information on non-GAAP ratios, please refer to the\nstatements under the heading “Non-GAAP financial measures, ratios and\nsupplementary financial measures” in this press release.\n\n 4. A description of the determination of diluted amounts per Unit can be found in\nthe Trust’s Management’s Discussion and Analysis for the three months\nended March 31, 2026 and March 31, 2025, in the section “Supplementary\nfinancial measures and ratios and other disclosures”, under the heading\n“Weighted average number of Units”.\n\n 5. “Number of assets” comprise a building, or a cluster of buildings in close\nproximity to one another attracting similar tenants.\n\n 6. Includes the Trust’s owned and managed properties and assets held for sale\nas at March 31, 2026, December 31, 2025 and March 31, 2025.\n\n 7. Excludes the Trust’s share of equity accounted investments and assets held\nfor sale as at March 31, 2026, December 31, 2025 and March 31, 2025.\n\n 8. Includes the Trust’s share of equity accounted investments in the U.S. Fund,\nDSI JV, DCI JV and Development JV and excludes assets held for sale as at\nMarch 31, 2026 and December 31, 2025, with the exception of 10% of the assets\nheld for sale relating to the second tranche of the portfolio that will be\nsold to the DCI JV in mid-2026 that is included as at March 31, 2026.\n\n 9. Net total debt-to-total assets (net of cash and cash equivalents) ratio is a\nnon-GAAP ratio. Net total debt-to-total assets (net of cash and cash\nequivalents) ratio is comprised of net total debt (a non-GAAP financial\nmeasure) divided by total assets (net of cash and cash equivalents) (a\nnon-GAAP financial measure). The most directly comparable IFRS Accounting\nStandards financial measure to net total debt is non-current debt, and the\nmost directly comparable IFRS Accounting Standards financial measure to total\nassets (net of cash and cash equivalents) is total assets. The tables included\nin the Appendices section of this press release reconciles net total debt to\nnon-current debt and total assets (net of cash and cash equivalents) to total\nassets as at March 31, 2026, December 31, 2025 and March 31, 2025. For further\ninformation on this non-GAAP ratio and these non-GAAP financial measures,\nplease refer to the statements under the heading “Non-GAAP financial\nmeasures, ratios and supplementary financial measures” in this press\nrelease.\n\n 10. Net total debt-to-normalized adjusted EBITDAFV is a non-GAAP ratio. Net total\ndebt-to-normalized adjusted EBITDAFV is comprised of net total debt (a\nnon-GAAP financial measure) divided by normalized adjusted EBITDAFV (a\nnon-GAAP financial measure). The most directly comparable IFRS Accounting\nStandards financial measure to normalized adjusted EBITDAFV is net income. The\ntables included in the Appendices section of this press release reconcile\nadjusted EBITDAFV to net income (loss) for the three months ended March 31,\n2026 and December 31, 2025. For further information on this non-GAAP ratio and\nthis non-GAAP financial measure, please refer to the statements under the\nheading “Non-GAAP financial measures, ratios and supplementary financial\nmeasures” in this press release.\n\n 11. Interest coverage ratio is a non-GAAP ratio. Interest coverage ratio is\ncomprised of trailing 12-month period adjusted EBITDAFV (a non-GAAP financial\nmeasure) divided by trailing 12-month period interest expense on debt and\nother financing costs. The most directly comparable IFRS Accounting Standards\nfinancial measure to adjusted EBITDAFV is net income. For further information\non this non-GAAP ratio and non-GAAP financial measure, please refer to the\nstatements under the heading “Non-GAAP financial measures, ratios and\nsupplementary financial measures” in this press release.\n\n 12. Weighted average face interest rate on debt is calculated as the weighted\naverage face interest rate of all interest-bearing debt, including the impact\nof cross-currency interest rate swaps as at each period end.\n\n 13. Unencumbered investment properties and unencumbered investment properties as a\npercentage of total investment properties are supplementary financial\nmeasures. For further information on these supplementary financial measures,\nplease refer to the statements under the heading “Non-GAAP financial\nmeasures, ratios and supplementary financial measures” in this press\nrelease.\n\n 14. Available liquidity is a non-GAAP financial measure. The most directly\ncomparable financial measure to this non-GAAP financial measures is cash and\ncash equivalents. The table included in the Appendices section of this press\nrelease reconcile this non-GAAP financial measure to cash and cash equivalents\nas at March 31, 2026, December 31, 2025 and March 31, 2025. For further\ninformation on this non-GAAP financial measure, please refer to the statements\nunder the heading “Non-GAAP financial measures, ratios and supplementary\nfinancial measures” in this press release.\n\n 15. Total equity (including LP B Units or subsidiary redeemable units) is a\nnon-GAAP financial measure. The most directly comparable financial measure to\ntotal equity (including LP B Units) is total equity (per condensed\nconsolidated financial statements). The tables included in the Appendices\nsection of this press release reconcile total equity (including LP B Units) to\ntotal equity (per condensed consolidated financial statements) as at March 31,\n2026, December 31, 2025 and March 31, 2025. For further information on this\nnon-GAAP measure, please refer to the statements under the heading “Non-GAAP\nfinancial measures, ratios and supplementary financial measures” in this\npress release.\n\n 16. Total number of Units includes 7.5 million LP B Units that are classified as a\nliability under IFRS Accounting Standards.\n\n 17. NAV per Unit is a non-GAAP ratio. NAV per Unit is comprised of total equity\n(including LP B Units) (a non-GAAP financial measure) divided by the total\nnumber of Units. For further information on this non-GAAP ratio, please refer\nto the statements under the heading “Non-GAAP financial measures, ratios and\nsupplementary financial measures” in this press release.\n\n 18. Secured debt is a supplementary financial measure and secured debt as a\npercentage of total assets and secured debt as a percentage of total debt are\nsupplementary financial ratios. Please refer to the statements under the\nheading “Non-GAAP financial measures, ratios and supplementary financial\nmeasures” in this press release.\n\n 19. Total debt is a non-GAAP financial measure. The most directly comparable\nfinancial measure to total debt is non-current debt. The tables included in\nthe Appendices section of this press release reconcile total debt to\nnon-current debt as at March 31, 2026, December 31, 2025 and March 31, 2025.\nFor further information on this non-GAAP financial measure, please refer to\nthe statements under the heading “Non-GAAP financial measures, ratios and\nsupplementary financial measures” in this press release.\n\nNon-GAAP financial measures, ratios and supplementary financial measures\n\nThe Trust’s condensed consolidated financial statements are prepared in\naccordance with IFRS Accounting Standards as issued by the International\nAccounting Standards Board (“IFRS Accounting Standards”). In this press\nrelease, as a complement to results provided in accordance with IFRS\nAccounting Standards, the Trust discloses and discusses certain non- GAAP\nfinancial measures and ratios, including FFO, diluted FFO per Unit, FFO payout\nratio, CP NOI (constant currency basis), total debt, net total debt-to-total\nassets (net of cash and cash equivalents) ratio, net total debt, total assets\n(net of cash and cash equivalents), net total debt-to-normalized adjusted\nEBITDAFV ratio, adjusted EBITDAFV, normalized adjusted EBITDAFV –\nannualized, interest coverage ratio, available liquidity, total equity\n(including LP B Units), secured debt as a percentage of total debt, and NAV\nper Unit as well as other measures discussed elsewhere in this press release.\nThese non-GAAP financial measures and ratios are not defined by IFRS\nAccounting Standards and do not have a standardized meaning under IFRS\nAccounting Standards. The Trust’s method of calculating these non-GAAP\nfinancial measures and ratios may differ from other issuers and may not be\ncomparable with similar measures presented by other issuers. The Trust has\npresented such non-GAAP financial measures and ratios as Management believes\nthey are relevant measures of the Trust’s underlying operating and financial\nperformance. Certain additional disclosures such as the composition,\nusefulness and changes, as applicable, of the non-GAAP financial measures and\nratios included in this press release have been incorporated by reference from\nthe management’s discussion and analysis of the financial condition and\nresults from operations of the Trust for the three months ended March 31,\n2026, dated May 5, 2026 (the “Q1 2026 MD&A”) and can be found under\nthe sections “Non-GAAP Financial Measures\" and \"Non-GAAP Ratios” and\nrespective sub-headings labelled “Funds from operations (“FFO”)”,\n\"Diluted FFO per Unit\", “FFO payout ratio”, \"Comparative properties net\noperating income (“CP NOI”) (constant currency basis)”, “Net total\ndebt-to-total assets (net of cash and cash equivalents) ratio”, “Net total\ndebt-to- normalized adjusted EBITDAFV ratio (years)”, and “Interest\ncoverage ratio”, “Available liquidity”, \"Total equity (including LP B\nUnits or subsidiary redeemable units\"), “Total debt”, “Net asset value\n(“NAV”) per Unit”, “Net total debt and total assets (net of cash and\ncash equivalents)”, “Adjusted earnings before interest, taxes,\ndepreciation, amortization and fair value adjustments (“Adjusted\nEBITDAFV”) and Normalized adjusted EBITDAFV – Annualized”. The\ncomposition of supplementary financial measures and ratios included in this\npress release have been incorporated by reference from the Q1 2026 MD&A\nand can be found under the section “Supplementary financial measures and\nratios and other disclosures”. The Q1 2026 MD&A is available on SEDAR+\nat www.sedarplus.ca\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.sedarplus.ca&esheet=54529372&newsitemid=20260505081724&lan=en-US&anchor=www.sedarplus.ca&index=6&md5=90d27979957ba1368db8d44f97449c74)\nunder the Trust’s profile and on the Trust’s website at\nwww.dreamindustrialreit.ca\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.dreamindustrialreit.ca&esheet=54529372&newsitemid=20260505081724&lan=en-US&anchor=www.dreamindustrialreit.ca&index=7&md5=dba5de871a5c109903cc931a3da22814)\nunder the Investors section. Non-GAAP financial measures and ratios should not\nbe considered as alternatives to net income, net rental income, cash flows\ngenerated from (utilized in) operating activities, cash and cash equivalents,\ntotal assets, non-current debt, total equity, or comparable metrics determined\nin accordance with IFRS Accounting Standards as indicators of the Trust’s\nperformance, liquidity, cash flow, and profitability.\n\nForward-looking information\n\nThis press release may contain forward-looking information within the meaning\nof applicable securities legislation, including statements regarding the\nTrust’s objectives and strategies to achieve those objectives; the Trust’s\nstrong pipeline of high-growth opportunities across the Trust’s target\nmarkets; the Trust’s focus on scaling private ventures, exploration of\nopportunities in new markets, and the Trust’s confidence in the ongoing\nresilience of the business; the Trust’s strategic advancement, expected\ninvestment, yield and benefit therefrom; the Trust’s expectations regarding\ntenant prospects and opportunities to capture income growth as spaces are\nleased; the Trust’s ability to achieve strong rental growth over time\nthrough inclusion of contractual annual rate escalators to its leases and the\nexpected increase in comparative properties NOI as a result thereof; the\nTrust’s capital allocation priorities and commitments; the Trust’s\nacquisition pipeline, the expected incremental revenue from the new\nacquisitions, yield and anticipated benefits therefrom; the status of and\nexpected benefits from disposition opportunities and the DCI JV, including the\nexpected close on the second tranche of assets; the Trust’s capital\nrecycling program, expected benefits therefrom, use of proceeds and related\nactivities; the status of leasing discussions; debt maturities, refinancings\nand repayments, swap arrangements and resulting liquidity profile; the Trust's\nmaintenance of significant financial flexibility and the resulting ability to\nexecute on strategic initiatives; the Trust’s goal of delivering strong\ntotal returns to its unitholders through secure distributions as well as\ngrowth in net asset value and cash flow per unit underpinned by its\nhigh-quality portfolio and an investment grade balance sheet; the performance\nand quality of its portfolio; the Trust’s development pipeline and its\nexpectations with respect to the opportunity provided by such development\npipeline; the Trust’s active deployment of capital alongside its partners,\nadding high-quality industrial product within its private ventures while\nfurther scaling its property management and leasing platform; the Trust’s\ndevelopment, expansion, reposition and redevelopment plans, including the\ntiming of construction and expansion, costs, square footage, unlevered yields\nand anticipated yields; the Trust’s position to execute on value-add\ninitiatives that improve the growth profile of the business; the Trust’s\ndisciplined approach to allocate capital towards strategic initiatives that\nenhance the long-term growth profile of the business; and similar statements\nconcerning anticipated future events, financials, estimated market rents,\nfuture leasing activity, the ability to lease vacant space, results of\noperations, performance, business prospects and opportunities, and the real\nestate industry in general.\n\nForward-looking information is based on a number of assumptions and is subject\nto a number of risks and uncertainties, many of which are beyond the Trust’s\ncontrol, which could cause actual results to differ materially from those that\nare disclosed in or implied by such forward-looking information. These risks\nand uncertainties include, but are not limited to, general and local economic\nand business conditions; employment levels; mortgage and interest rates and\nregulations; inflation; risks related to a potential economic slowdown in\ncertain of the jurisdictions in which we operate and the effect inflation and\nany such economic slowdown may have on market conditions and lease rates;\nrisks that the Trust’s operations may be affected by adverse global market,\neconomic and political conditions and other events beyond our control,\nincluding risks related to the imposition of duties, tariffs and other trade\nrestrictions and their impacts; uncertainties around the timing and amount of\nfuture financings; uncertainties surrounding public health crises and\nepidemics; geopolitical events, including disputes between nations, war and\ninternational sanctions; the financial condition of tenants; leasing risks,\nincluding those associated with the ability to lease vacant space; rental\nrates and the strength of rental rate growth on future leasing; and interest\nand currency rate fluctuations. The Trust’s objectives and forward-looking\nstatements are based on certain assumptions, including that the general\neconomy remains stable, including that future market and economic conditions\nwill occur as expected and that geopolitical events, including disputes\nbetween nations or the imposition of duties, tariffs, quotas, embargoes or\nother trade restrictions (including any retaliation to such measures), will\nnot disrupt global economies; inflation and interest rates will not materially\nincrease beyond current market expectations; conditions within the real estate\nmarket remain consistent; competition for acquisitions remains consistent with\nthe current climate; and the capital markets continue to provide ready access\nto equity and/or debt. All forward-looking information in this press release\nspeaks as of the date of this press release. The Trust does not undertake to\nupdate any such forward-looking information whether as a result of new\ninformation, future events or otherwise except as required by law. Additional\ninformation about these assumptions and risks and uncertainties is contained\nin the Trust’s filings with securities regulators, including its latest\nannual information form and MD&A. These filings are also available at the\nTrust’s website at www.dreamindustrialreit.ca\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.dreamindustrialreit.ca&esheet=54529372&newsitemid=20260505081724&lan=en-US&anchor=www.dreamindustrialreit.ca&index=8&md5=97f231681e61e2dec323359a5e4a86bc)\n.\n\nAppendices\n\nAll dollar amounts in the Appendices are presented in thousands of Canadian\ndollars, except for per square foot amounts, per Unit amounts, or unless\notherwise stated.\n\nReconciliation of CP NOI (constant currency basis) to net rental income\n\nThe table below reconciles CP NOI (constant currency basis) to net rental\nincome for the three months ended March 31, 2026 and March 31, 2025.\n                                                                               Three months ended                \n                                                                               March 31,        March 31,        \n                                                                                      2026             2025      \n Ontario                                                                       $      25,980    $      24,328    \n Québec                                                                               13,496           10,293    \n Western Canada                                                                       10,361           9,552     \n Canadian portfolio                                                                   49,837           44,173    \n European portfolio (constant currency basis)                                         37,932           36,159    \n Total wholly-owned portfolio                                                         87,769           80,332    \n Total equity accounted investments (constant currency basis)((1))                    11,784           11,023    \n CP NOI (constant currency basis)                                                     99,553           91,355    \n Impact of foreign currency translation on CP NOI                                     —                (1,859)   \n NOI from acquired properties – Canada                                                928              —         \n NOI from acquired properties – Europe                                                689              —         \n NOI impact other than CP NOI from equity accounted investments                       1,415            1,095     \n Net property management and other income                                             3,426            2,995     \n Straight-line rent                                                                   925              2,341     \n Amortization of lease incentives                                                     (1,299)          (815)     \n Lease termination fees and other                                                     (53)             53        \n Bad debt provisions                                                                  (905)            (244)     \n NOI from properties transferred from/to properties held for development((2))         2,546            735       \n NOI from disposed properties and assets held for sale((3))                           3,396            7,554     \n Less: NOI from equity accounted investments((4))                                     (12,844)         (11,500)  \n Net rental income((5))                                                        $      97,777    $      91,710    \n\n (1)      This includes 10% of the CP NOI from the Initial DCI Portfolio.                 \n (2)      100% of the 0.7 million square foot completed development project in Balzac,    \n          Alberta, is occupied with rent having commenced in Q1 2025; approximately 92%   \n          of the 0.3 million square foot completed development project in Balzac,         \n          Alberta, is occupied with rent having commenced in Q2 2024.                     \n (3)      Includes 90% of the net rental income from the first tranche of the Initial     \n          DCI Portfolio until February 5th and second tranche for the full quarter.       \n (4)      Includes 10% of the net rental income from the DCI JV.                          \n (5)      Certain comparative figures from the prior period in this table have been       \n          restated to conform with the current period’s presentation.                     \n\n\nReconciliation of FFO to net income\n\nThe table below reconciles FFO to net income for the three months ended March\n31, 2026 and March 31, 2025.\n                                                                     Three months ended March 31,            \n                                                                               2026                2025      \n Net income for the period                                           $         62,840    $         47,488    \n Add (deduct):                                                                                               \n Fair value adjustments to investment properties                               10,284              18,945    \n Fair value adjustments to financial instruments                               (6,244)             (4,506)   \n Share of net income from equity accounted investments                         (10,076)            (3,387)   \n Interest expense on subsidiary redeemable units                               1,304               1,992     \n Amortization and write-off of lease incentives                                1,587               1,027     \n Internal leasing costs                                                        1,916               1,308     \n Fair value adjustments to deferred trust units included in G&A                21                  (98)      \n Foreign exchange (gain) loss                                                  (23)                1,104     \n Share of FFO from equity accounted investments                                9,051               8,015     \n Deferred income tax expense (recovery), net                                   1,477               (1,322)   \n Current income tax expense related to dispositions                            496                 2,051     \n Transaction costs on acquisitions and dispositions and other                  1,277               1,985     \n Incentive fee resulting from disposition gains                                2,379               —         \n FFO for the period                                                  $         76,289    $         74,602    \n\n\nReconciliation of available liquidity and cash and cash equivalents\n\nThe table below reconciles available liquidity to cash and cash equivalents as\nat March 31, 2026, December 31, 2025 and March 31, 2025.\n                                                                            March 31, 2026          December 31, 2025         March 31, 2025      \n Cash and cash equivalents per condensed consolidated financial statements  $         35,872        $          41,431         $         35,707    \n Undrawn unsecured revolving credit facility((1))                                     569,023                  297,094                  715,618   \n Available liquidity                                                        $         604,895       $          338,525        $         751,325   \n\n (1)      Net of letters of credit outstanding totalling $8,885, $8,885 and $5,210 as at  \n          March 31, 2026, December 31, 2025 and March 31, 2025, respectively.             \n\n\nReconciliation of total equity (including LP B Units) to total equity\n(excluding LP B Units)\n\nThe table below reconciles total equity (including LP B Units) to total equity\n(excluding LP B Units) as at March 31, 2026, December 31, 2025 and March 31,\n2025.\n                                                               As at                                                                                                                 \n                                                               March 31, 2026                          December 31, 2025                         March 31, 2025                      \n                                                               Number of          Amount               Number of           Amount                Number of          Amount           \n                                                               \nUnits                                  \nUnits                                    \nUnits                              \n REIT Units and unitholders’ equity                            281,344,617        $     3,434,287      286,806,165         $      3,505,110      285,058,182        $     3,481,081  \n Retained earnings                                             —                        1,239,711      —                          1,226,506      —                        1,254,930  \n Accumulated other comprehensive income                        —                        74,798         —                          59,958         —                        82,340     \n Total equity per condensed consolidated financial statements  281,344,617              4,748,796      286,806,165                4,791,574      285,058,182              4,818,351  \n Add: LP B Units                                               7,453,489                92,200         7,453,489                  93,765         7,453,489                84,224     \n Total equity (including LP B Units)                           288,798,106        $     4,840,996      294,259,654         $      4,885,339      292,511,671        $     4,902,575  \n NAV per Unit                                                                     $     16.76                              $      16.60                             $     16.76      \n\n\nReconciliation of total debt to non-current debt\n\nThe table below reconciles total debt to non-current debt as at March 31,\n2026, December 31, 2025 and March 31, 2025.\n Amounts per condensed consolidated financial statements  March 31, 2026           December 31, 2025         March 31, 2025       \n Non-current debt                                         $         2,409,832      $          2,670,571      $         2,509,654  \n Current debt                                                       451,538                   451,359                  451,265    \n Fair value of CCIRS((1))                                           119,540                   140,642                  58,597     \n Total debt                                               $         2,980,910      $          3,262,572      $         3,019,516  \n\n (1)      As at March 31, 2026, the CCIRS were in a liability position, with $64,207 in   \n          “Derivatives and other non-current liabilities” and $55,333 in “Amounts         \n          payable and accrued liabilities” in the condensed consolidated financial        \n          statements. As at December 31, 2025, the CCIRS were in a liability position,    \n          with $83,701 in “Derivatives and other non-current liabilities” and             \n          $56,941 in “Amounts payable and accrued liabilities” in the consolidated        \n          financial statements. As at March 31, 2025, the CCIRS were in a net liability   \n          position and $2,445 was included in “Derivatives and other non-current          \n          assets”, $1,170 was included in “Prepaid expenses and other assets”,            \n          $53,796 in “Derivatives and other non-current liabilities” and $8,416           \n          “Amounts payable and accrued liabilities” in the condensed consolidated         \n          financial statements.                                                           \n\n\nReconciliation of net total debt to non-current debt and total assets (net of\ncash and cash equivalents) to total assets\n\nThe table below reconciles net total debt to non-current debt and total assets\n(net of cash and cash equivalent) to total assets as at March 31, 2026,\nDecember 31, 2025 and March 31, 2025.\n                                                  March 31, 2026           December 31, 2025         March 31, 2025       \n Non-current debt                                 $         2,409,832      $          2,670,571      $         2,509,654  \n Add (deduct):                                                                                                            \n Current debt                                               451,538                   451,359                  451,265    \n Fair value of CCIRS                                        119,540                   140,642                  58,597     \n Unamortized financing costs                                7,666                     8,491                    10,633     \n Unamortized fair value adjustments                         (415)                     (469)                    (601)      \n Cash and cash equivalents                                  (35,872)                  (41,431)                 (35,707)   \n Net total debt                                   $         2,952,289      $          3,229,163      $         2,993,841  \n Total assets                                               8,050,062                 8,442,797                8,143,318  \n Less:                                                                                                                    \n Fair value of CCIRS assets                                 —                         —                        (3,615)    \n Cash and cash equivalents                                  (35,872)                  (41,431)                 (35,707)   \n Total assets (net of cash and cash equivalents)  $         8,014,190      $          8,401,366      $         8,103,996  \n\n\nReconciliation of adjusted EBITDAFV to net income (loss) and normalized\nadjusted EBITDAFV\n\nThe table below reconciles adjusted EBITDAFV to net income for the three\nmonths ended March 31, 2026, December 31, 2025, March 31, 2025, March 31, 2024\nand years ended December 31, 2025 and December 31, 2024.\n                                                                              For the three months ended                                                          For the year ended                            \n                                                                              March 31,            December 31,           March 31,                March 31,      December 31,            December 31,          \n                                                                              \n2026                \n2025                  \n2025                    \n2024          \n2025                   \n2024                 \n Net income for the period                                                    $      62,840        $        30,156        $      47,488       $    74,575         $        170,073        $        259,611      \n Add (deduct):                                                                                                                                                                                                  \n Fair value adjustments to investment properties                                     10,284                 4,512                18,945            (1,509     )            46,271                  24,765       \n Fair value adjustments to financial instruments                                     (6,244   )             (61      )           (4,506  )         (10,637    )            7,754                   (13,338  )   \n Share of net income from equity accounted investments                               (10,076  )             (12,965  )           (3,387  )         (8,885     )            (17,042  )              (42,982  )   \n Share of EBITDAFV from equity accounted investments((2))                            12,407                 12,224               11,144            9,681                   46,208                  40,767       \n Interest expense on debt and other financing costs                                  23,462                 23,242               18,497            17,002                  84,938                  70,130       \n Interest expense on subsidiary redeemable units                                     1,304                  1,304                1,992             2,336                   5,904                   9,344        \n Other items included in investment properties revenue((1))                          (236     )             (1,181   )           (2,149  )         (653       )            (5,775   )              (7,017   )   \n Deferred and current income tax expense (recovery), net                             2,992                  (2,761   )           1,397             4,777                   (1,881   )              9,764        \n Net loss on transactions and other activities                                       3,136                  4,495                4,342             1,744                   15,434                  11,668       \n Incentive fee resulting from disposition gains included in G&A expenses             2,379                  44,811               —                 —                       44,811                  —            \n Adjusted EBITDAFV for the period                                             $      102,248       $        103,776       $      93,763       $    88,431         $        396,695        $        362,712      \n\n (1)      Includes lease termination fees and other items, straight-line rent and        \n          amortization of lease incentives.                                              \n (2)      Comparative figures from prior periods have been restated to conform with the  \n          current period’s presentation.                                                 \n\n                                                                       March 31, 2026          December 31, 2025         March 31, 2025      \n Adjusted EBITDAFV – quarterly((1)(2))                                 $         102,248       $          103,776        $         93,763    \n Add (deduct):                                                                                                                               \n Normalized NOI of acquisitions, dispositions and developments in the            (1,810)                  687                      335       \n quarter((3))                                                                                                                                \n Normalized adjusted EBITDAFV – quarterly                                        100,438                  104,463                  94,098    \n Normalized adjusted EBITDAFV – annualized                             $         401,752       $          417,852        $         376,392   \n\n (1)      Adjusted EBITDAFV (a non-GAAP financial measure) for the three months ended    \n          March 31, 2026, December 31, 2025 and March 31, 2025 is reconciled to net      \n          income for the respective periods in the table above.                          \n (2)      Comparative figures from the prior period have been restated to conform with   \n          the current period’s presentation.                                             \n (3)      Represents the NOI had the acquisitions, dispositions and developments in the  \n          respective periods occurred for the full quarter.                              \n\n\n \n\n\n\nView source version on businesswire.com:\nhttps://www.businesswire.com/news/home/20260505081724/en/\n(https://www.businesswire.com/news/home/20260505081724/en/)\n\nFor further information, please contact:\n\n\n\nDream Industrial REIT\n\n\n\nAlexander Sannikov \n\nPresident & Chief Executive Officer\n\n(416) 365-4106\n\nasannikov@dream.ca \n(mailto:asannikov@dream.ca) \n\n\nLenis Quan \n\nChief Financial Officer\n\n(416) 365-2353\n\nlquan@dream.ca (mailto:lquan@dream.ca)\n\n\nCopyright Business Wire 2026","article_body_html":"","raw_payload":{"data":{"id":"nBw5bDG6Ma","title":"Dream Industrial REIT Reports Q1 2026 Results With 9% Comparative Properties Net Operating Income and 7% Net Rental Income Growth","author":"Business Wire","ticker":"DIR_U","created":"2026-05-05T21:35:00.137Z","tickers":["DIR_U"],"exchange":"TSX","article_body":"Dream Industrial REIT Reports Q1 2026 Results With 9% Comparative Properties\nNet Operating Income and 7% Net Rental Income Growth\n\nThis press release contains forward-looking information that is based upon\nassumptions and is subject to risks and uncertainties as indicated in the\ncautionary note contained within this press release. All dollar amounts are in\nCanadian dollars unless otherwise indicated.\n\nDream Industrial Real Estate Investment Trust (DIR.UN-TSX) or (the “REIT”\nor “Trust” or “Dream Industrial REIT” or “DIR” or “we” or\n“us”) today announced its financial results for the three months ended\nMarch 31, 2026. Management will host a conference call to discuss the\nfinancial results on May 6, 2026 at 11:00 a.m. (ET).\n\nThis press release features multimedia. View the full release here:\nhttps://www.businesswire.com/news/home/20260505081724/en/\n(https://www.businesswire.com/news/home/20260505081724/en/)\n\nDen Bosch, the Netherlands\n\n“Dream Industrial kicked off 2026 with strong performance, delivering 9% CP\nNOI growth driven by healthy leasing activity and continued execution of our\nasset management initiatives. Our strong organic growth drove solid\nyear-over-year FFO per unit growth even as our balance sheet remained\nunderutilized this quarter, providing us with meaningful dry powder to deploy\ninto accretive opportunities,” said Alexander Sannikov, President &\nChief Executive Officer of Dream Industrial REIT. “In line with our previous\ncommunications, we have returned nearly $100 million of capital to unitholders\nthrough the NCIB, and we have a strong pipeline of high-growth opportunities\nacross our target markets. At the same time, we are focusing on scaling our\nprivate ventures with $390 million of acquisitions already completed to date\nor in exclusivity, while continuing to explore opportunities in new markets.\nWith all of our growth drivers intact, we are confident in the ongoing\nresilience of our business.”\n\nHIGHLIGHTS\n\n\n * Diluted funds from operations (“FFO”) per Unit((1)) was $0.26 in Q1 2026,\na 2.0% increase when compared to Q1 2025.\n\n * Completed $453 million of asset dispositions in the quarter, including the\nfirst tranche of assets sold to the Dream CPP Investments JV (the “DCI\nJV”)((5)). The net proceeds were used to partially repay amounts outstanding\non the unsecured revolving credit facility, reducing leverage by over 160 bps\ncompared to the fourth quarter of 2025.\n\n * Closed on over $150 million of acquisitions across the Trust’s wholly-owned\nportfolio and private ventures since the beginning of 2026 ($37 million at the\nTrust’s share), adding over 1 million square feet of GLA to the Trust’s\nowned and managed portfolio.\n\n * Comparative properties net operating income (“CP NOI”) (constant currency\nbasis)((2)) increased by 9.0% to $99.6 million in Q1 2026, when compared to\n$91.4 million in Q1 2025.\n\n * In-place and committed occupancy for the Trust’s wholly-owned Canadian\nportfolio increased to 96.8% as at March 31, 2026 compared to 94.4% as at\nMarch 31, 2025.\n\n * In-place and committed occupancy for the Trust’s wholly-owned European\nportfolio was 95.0% in Europe as at March 31, 2026, compared to 96.9% as at\nMarch 31, 2025. Occupancy this quarter reflects the acquisition of a vacant\nasset in the Netherlands, acquired as part of the Trust’s value-add\nstrategy.\n\n * Signed over 1.8 million square feet of new leases and renewals across the\nTrust’s wholly-owned portfolio at a weighted average rental spread of 26.4%\nsince the beginning of 2026 through April 30, 2026, driven by 66% spread in\nOntario, 12% spread in Québec and 11% spread in Western Canada.\n\n * Repurchased and cancelled $97.2 million of REIT Units under the normal course\nissuer bid (\"NCIB\") program at a weighted average price of $12.95 per REIT\nUnit since the beginning of the year to May 1, 2026.\n\n * Net rental income was $97.8 million in Q1 2026, a 6.6% increase when compared\nto $91.7 million in Q1 2025, driven by increases of 6.2% in Ontario, 18.4% in\nQuébec, 26.0% in Western Canada and 11.7% in Europe, excluding disposed\ninvestment properties and assets held for sale.\n\n * Net income was $62.8 million in Q1 2026, an increase of $15.3 million when\ncompared to $47.5 million in Q1 2025. The net income in Q1 2026 was comprised\nof net rental income of $97.8 million, interest expense on debt of $23.5\nmillion, negative fair value adjustments to investment properties of $10.3\nmillion and other net expense of $1.2 million.\n\n * Total assets were $8.1 billion as at March 31, 2026, a 4.7% decrease when\ncompared to $8.4 billion as at December 31, 2025, driven by dispositions\npartially offset by an increase in investment property value due to\nacquisitions, investments in the Dream Summit JV (the “DSI JV”)((3)), the\nU.S. Fund((4)) and the DCI JV, development projects and foreign exchange\ntranslation adjustments.\n\n\n 1. Diluted FFO per Unit is a non-GAAP ratio. For further information on this\nnon-GAAP ratio, please refer to the statements under the heading “Non-GAAP\nfinancial measures, ratios and supplementary financial measures” in this\npress release.\n\n 2. CP NOI (constant currency basis) is a non-GAAP financial measure. The tables\nincluded in the Appendices section of this press release reconcile this\nnon-GAAP financial measure with its most directly comparable IFRS Accounting\nStandards financial measure. For further information on this non-GAAP\nfinancial measure, please refer to the statements under the heading\n“Non-GAAP financial measures, ratios and supplementary financial measures”\nin this press release.\n\n 3. A joint venture between GIC and the Trust in which the Trust has a 10%\ninterest.\n\n 4. A private U.S. industrial fund in which the Trust has a 30.5% ownership\ninterest.\n\n 5. A joint venture between CPP Investments and the Trust in which the Trust has a\n10% interest.\n\nFINANCIAL HIGHLIGHTS\n SELECTED FINANCIAL INFORMATION                                                                                     \n (unaudited)                                                                    Three months ended                  \n                                                                                       March 31,         March 31,  \n (in thousands of dollars except per Unit amounts)                                     2026              2025       \n Operating results                                                                                                  \n Net rental income (\"NOI\")                                                      $      97,777     $      91,710     \n Comparative properties net operating income (“CP NOI”) (constant currency      $      99,553     $      91,355     \n basis)((1))                                                                                                        \n Net income                                                                     $      62,840     $      47,488     \n Funds from operations (“FFO”)((2))                                             $      76,289     $      74,602     \n FFO – diluted per Unit((3)(4))                                                 $      0.26       $      0.26       \n Distribution rate per Unit                                                     $      0.17       $      0.17       \n FFO payout ratio((3))                                                                 66.8%             69.0%      \n See footnotes at end.                                                                                              \n\n PORTFOLIO INFORMATION                                                                                              \n                                                                        As at                                       \n                                                                        March 31,      December 31,      March 31,  \n (in thousands of dollars)                                              2026           2025              2025       \n Total portfolio                                                                                                    \n Number of assets((5)(6))                                               343            342               336        \n Investment properties fair value                                   $   6,649,195  $   6,633,177     $   7,134,982  \n Investment properties fair value (including assets held for sale)  $   7,018,295  $   7,438,177     $   7,314,982  \n Gross leasable area (“GLA”) (in millions of sq. ft.)((6))              74.1           73.6              72.6       \n Occupancy – in-place and committed (period-end)                                                                    \n Wholly-owned Canadian portfolio((7))                                   96.8%          96.2%             94.4%      \n Wholly-owned European portfolio                                        95.0%          96.5%             96.9%      \n Total portfolio((8))                                                   95.7%          96.2%             95.4%      \n Occupancy – in-place (period-end)                                                                                  \n Wholly-owned Canadian portfolio((7))                                   96.1%          95.8%             93.2%      \n Wholly-owned European portfolio                                        94.1%          95.5%             96.1%      \n Total portfolio((8))                                                   94.9%          95.5%             94.5%      \n See footnotes at end.                                                                                              \n\n FINANCING AND CAPITAL INFORMATION                                                                               \n (unaudited)                                                                       As at                         \n                                                                                   March 31,       December 31,  \n (in thousands of dollars except per Unit amounts)                                 2026            2025          \n FINANCING                                                                                                       \n Credit rating – DBRS                                                              BBB (high)      BBB (high)    \n Net total debt-to-total assets (net of cash and cash equivalents) ratio((9))      36.8%           38.4%         \n Net total debt-to-normalized adjusted EBITDAFV ratio (years)((10))                7.3             7.7           \n Interest coverage ratio (times)((11))                                             4.5             4.7           \n Weighted average face interest rate on debt (period-end)((12))                    3.19%           3.19%         \n Unencumbered investment properties (period-end)((13))                         $   5,892,118   $   6,277,035     \n Unencumbered investment properties as a percentage of total investment            84.0%           84.4%         \n properties((13))                                                                                                \n Total assets                                                                  $   8,050,062   $   8,442,797     \n Cash and cash equivalents                                                     $   35,872      $   41,431        \n Available liquidity((14))                                                     $   604,895     $   338,525       \n CAPITAL                                                                                                         \n Total equity (per condensed consolidated financial statements)                $   4,748,796   $   4,791,574     \n Total equity (including LP B Units)((15))                                     $   4,840,996   $   4,885,339     \n Total number of Units (in thousands)((16))                                        288,798         294,260       \n Net asset value (“NAV”)( )per Unit((17))                                      $   16.76       $   16.60         \n Unit price                                                                    $   12.37       $   12.58         \n See footnotes at end.                                                                                           \n\n\nORGANIC GROWTH\n\n\n * Continued strong leasing momentum at attractive rental spreads – From\nJanuary 1, 2026 through to April 30, 2026, the Trust has transacted over 1.8\nmillion square feet of leases across its wholly-owned portfolio at a weighted\naverage rental rate spread of 26.4% over prior or expiring rents.\n\n\n* In Canada, the Trust signed over 1.4 million square feet of leases,\nachieving\na weighted average rental rate spread to expiry of 33.1% and an average annual\ncontractual rent growth of 3.0%.\n\n * In Europe, the Trust signed over 0.4 million square feet of leases, achieving\na weighted average rental rate spread to expiry of 4.3%. All of the leases are\nfully indexed to local consumer price indices (“CPI”) or have contractual\nrent steps.\n\n\n\n\nAs at March 31, 2026, estimated average market rents across the Trust’s\nwholly-owned portfolio in Canada and Europe exceeded the average in-place and\ncommitted rents for remaining expiring 2026 leases by 29.7% and 24.9%,\nrespectively.\n\nAlong with capturing substantial rental rate growth, the Trust embeds\ncontractual annual rental rate escalators to drive consistent CP NOI (constant\ncurrency basis) growth, averaging approximately 3% in its wholly-owned\nCanadian portfolio, while approximately 85% of European leases are indexed to\nthe local CPI, with the balance featuring contractual rent steps.\n\n\n * Solid pace of CP NOI (constant currency basis)((1)) growth – CP NOI\n(constant currency basis) for the three months ended March 31, 2026 was $99.6\nmillion, compared to $91.4 million for the three months ended March 31, 2025,\nrepresenting an increase of 9.0% compared to the prior year comparative\nquarter.\n\n\n\nThe Canadian portfolio posted year-over-year CP NOI (constant currency basis)\ngrowth of 12.8% for the three months ended March 31, 2026, driven by 6.8%,\n31.1% and 8.5% CP NOI growth in Ontario, Québec and Western Canada,\nrespectively. Overall, in-place base rents for the Canadian portfolio\nincreased by 9.5% for the three months ended March 31, 2026.\n\n\n\nIn Europe, year-over-year CP NOI (constant currency basis) increased by 4.9%\nfor the three months ended March 31, 2026. The increase was driven by higher\nrental rates on new and renewed leases, completed intensification projects, in\naddition to CPI indexation.\n\n\n * Healthy occupancy levels – The Trust’s in-place occupancy for its Canadian\nportfolio was 96.1% as at March 31, 2026 compared to 95.8% as at December 31,\n2025, primarily driven by the lease-up of several vacancies in Québec during\nthe quarter and its recently completed 20-acre development in Alberta.\n\n\n\nThe Trust’s in-place occupancy for its European portfolio was 94.1% as at\nMarch 31, 2026 compared to 95.5% as at December 31, 2025, primarily driven by\nthe acquisition of a 163,000 square foot vacant asset in the Netherlands as\npart of the Trust’s value-add strategy.\n\n\n\nThe Trust’s in-place occupancy across its wholly-owned and managed portfolio\n(at the Trust’s share) was 94.9% as at March 31, 2026, compared to 95.5% as\nat December 31, 2025.\n\n\n\nThe Trust’s in-place and committed occupancy across its wholly-owned and\nmanaged portfolio (at the Trust’s share) was 95.7% as at March 31, 2026,\ncompared to 96.2% as at December 31, 2025. The Trust continues to be in active\ndiscussions with prospective tenants and it expects significant opportunities\nto capture strong income growth as spaces are leased.\n\n\n * Continued growth in net rental income for the quarter – Net rental income\nfor the three months ended March 31, 2026 was $97.8 million representing an\nincrease of $6.1 million or 6.6%, relative to the comparative prior year\nquarter. For the quarter, year-over-year net rental income increased by 6.2%\nin Ontario, 18.4% in Québec, 26.0% in Western Canada and 11.7% in Europe,\nexcluding disposed investment properties and assets held for sale. The\nincrease was mainly driven by strong CP NOI (constant currency basis) growth\nover the past year, completion and lease-up at the Trust's development\nprojects and growth in net property management income.\n\nACQUISITIONS AND DISPOSITIONS UPDATE\n\nDuring the quarter, the Trust acquired a 163,000 square foot asset located in\nthe Netherlands for a purchase price of $23.3 million. The property is\nsituated on a 5-acre site within a well-established business park, benefitting\nfrom strong surrounding infrastructure and modern industrial zoning. The\nlocation supports continued commercial growth and functions as a key logistics\nhub, offering excellent highway connectivity and access to multimodal\ntransportation networks. The asset was acquired vacant as part of the Trust's\nvalue-add strategy and is expected to deliver a NOI yield of approximately 8%\non purchase price upon stabilization.\n\nSee Figure 1, [Den Bosch, the Netherlands]\n\nThe breadth and quality of the Trust’s pipeline of opportunities continue to\ngrow. Currently, the Trust has over $500 million of acquisitions firm or under\nexclusivity across Canada and Europe, providing significant opportunity to\nhigh-grade its portfolio through disciplined capital deployment.\n\nThe Trust continues to actively pursue disposition opportunities as part of\nits ongoing capital recycling program. During the quarter, the Trust completed\nthe previously announced first tranche portfolio sale comprising six\nindustrial assets (22 buildings) totalling 1.9 million square feet across\nOntario, Québec and Western Canada to the newly formed DCI JV for net\nproceeds of $375 million. The Trust expects to close the second tranche sale\ncomprising the remaining five assets totalling 1.6 million square feet to the\nDCI JV in mid-2026.\n\nAdditionally, the Trust completed the previously announced sale of a\nnon-strategic asset located in the GTA West, Ontario, for $17.5 million or\napproximately $374 per square foot during the quarter.\n\nSTRATEGIC PRIVATE VENTURES UPDATE\n\nThe Trust continues to actively deploy capital alongside its partners, adding\nhigh-quality industrial product within its private ventures while further\nscaling its property management and leasing platform. Since the beginning of\n2025, the Trust’s private ventures have completed over $600 million of\nacquisitions. Net property management leasing margin for the three months\nended March 31, 2026 was $3.4 million, representing an increase of $0.4\nmillion or 14.4% compared to the comparative prior year quarter.\n\nDuring the quarter, the Trust’s private ventures acquired two assets\ntotalling 283,000 square feet located in the Greater Toronto Area (“GTA”)\nand Calgary for a total purchase price of $52.6 million ($5.3 million at the\nTrust’s share), including the DCI JV’s first acquisition in addition to\nthe initial portfolio.\n\nSubsequent to the quarter, the DSI JV acquired a four-building industrial\nportfolio totalling 618,000 square feet located in the highly desirable\nFoothills industrial node in Calgary, Alberta for a purchase price of $81.3\nmillion ($8.1 million at the Trust’s share).\n\nDEVELOPMENT UPDATE\n\nDuring the quarter, the Trust completed its build-to-suit expansion and\nrefurbishment project in the Netherlands, adding 125,000 square feet of\nhigh-quality distribution space. As part of the arrangement, the existing\ntenant extended its lease by an additional ten years and the project is now\nfully contributing to the Trust’s NOI, delivering an unlevered yield on cost\nof 7%.\n\nSee Figure 2, [Rendering of completed intensification project in Helmond, the\nNetherlands]\n\nCAPITAL STRATEGY\n\nAs previously announced, in connection with the formation of the DCI JV and\nthe Trust's $805 million portfolio recapitalization, the Trust has deployed a\nportion of the proceeds towards unit buybacks. Since the beginning of the year\nand up to May 1, 2026, the Trust has purchased for cancellation 7.5 million\nREIT units under its NCIB program at a weighted average of $12.95 per REIT\nUnit for a gross amount of $97.2 million.\n\nThe Trust continues to maintain significant financial flexibility as it\nexecutes on its strategic initiatives. The Trust’s proportion of secured\ndebt((18)) was 5.5% of total assets and represents 14.9% of total debt((19)).\nThe Trust’s unencumbered asset pool((13)) totalled $5.9 billion as at March\n31, 2026, representing 84.0% of the Trust’s total investment properties\nvalue as at March 31, 2026.\n\nThe Trust ended Q1 2026 with available liquidity((14)) of $604.9 million,\nincluding $35.9 million of cash and cash equivalents, and with an additional\n$250 million that could be exercised through the accordion on its unsecured\nrevolving credit facility. The Trust’s net total debt-to-normalized adjusted\nEBITDAFV ratio was 7.3x and net total debt-to-total assets (net of cash and\ncash equivalents) ratio was 36.8% as at March 31, 2026.\n\nSubsequent to the quarter, the Trust repaid its $200 million Series E Green\nBonds that matured on April 13, 2026 by temporarily utilizing its unsecured\nrevolving credit facility. On April 21, 2026, the Trust closed on its issuance\nof $200 million of Series H unsecured debentures at an all-in interest rate of\n4.150% per annum, maturing on April 22, 2031. Concurrently, the Trust entered\ninto forward cross-currency interest rate swap arrangements to swap the\nproceeds to euros to lower the effective fixed interest rate to 4.003% per\nannum. The net proceeds were utilized to reduce the outstanding balance on its\nunsecured revolving credit facility, including indebtedness incurred in\nconnection with the repayment of the Series E Green Bonds.\n\n“With over $600 million of liquidity at the end of the first quarter plus\nthe upcoming second tranche sale of assets to the DCI JV, we have ample\nfinancial flexibility,\" said Lenis Quan, Chief Financial Officer of Dream\nIndustrial REIT. “We have completed nearly $100 million of unit buybacks so\nfar this year, and we continue to take a disciplined approach to allocate\ncapital towards strategic initiatives that enhance the long-term growth\nprofile of our business.”\n\nCONFERENCE CALL\n\nSenior management will host a conference call to discuss the financial results\non Wednesday, May 6, 2026, at 11:00 a.m. (ET). To access the conference call,\nplease dial 1-800-715-9871 in Canada or 647-932-3411 elsewhere. To access the\nconference call via webcast, please go to Dream Industrial REIT’s website at\nwww.dreamindustrialreit.ca\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.dreamindustrialreit.ca&esheet=54529372&newsitemid=20260505081724&lan=en-US&anchor=www.dreamindustrialreit.ca&index=1&md5=575f03ac61a4f0487d809b4266e079f5)\nand click on the link for News, then click on Events. A taped replay of the\nconference call and the webcast will be available for ninety (90) days\nfollowing the call.\n\nANNUAL AND SPECIAL MEETING OF UNITHOLDERS\n\nDream Industrial REIT welcomes investors to its annual and special meeting of\nunitholders at the TMX Market Centre, 120 Adelaide Street West, Toronto,\nOntario M5H 1T1 on Wednesday, June 3, 2026 at 10:00 a.m. (ET). The audio\nwebcast and digital replay can be accessed by going to\nwww.dreamindustrialreit.ca\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.dreamindustrialreit.ca&esheet=54529372&newsitemid=20260505081724&lan=en-US&anchor=www.dreamindustrialreit.ca&index=2&md5=82cd6ede5bcb2c64ef18b6aa3d50092c)\n, clicking on news and selecting events.\n\nOther information\n\nInformation appearing in this press release is a select summary of financial\nresults. The condensed consolidated financial statements and management’s\ndiscussion and analysis for the Trust will be available at\nwww.dreamindustrialreit.ca\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.dreamindustrialreit.ca&esheet=54529372&newsitemid=20260505081724&lan=en-US&anchor=www.dreamindustrialreit.ca&index=3&md5=4bd6e72c3ee313ca316280d92fa4adf5)\nand on www.sedarplus.ca\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.sedarplus.ca&esheet=54529372&newsitemid=20260505081724&lan=en-US&anchor=www.sedarplus.ca&index=4&md5=d541e49e96365517a247a8bf81cf1c66)\n.\n\nDream Industrial REIT is an owner, manager and operator of a global portfolio\nof well-located, diversified industrial properties. As at March 31, 2026, the\nREIT has an interest in and manages a portfolio which comprises 343 industrial\nassets (558 buildings) totalling approximately 74.1 million square feet of\ngross leasable area in key markets across Canada, Europe, and the U.S. The\nREIT’s objective is to deliver strong total returns to its unitholders\nthrough secure distributions as well as growth in net asset value and cash\nflow per unit underpinned by its high-quality portfolio and an investment\ngrade balance sheet. Dream Industrial REIT is an unincorporated, open-ended\nreal estate investment trust. For more information, please visit\nwww.dreamindustrialreit.ca\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.dreamindustrialreit.ca&esheet=54529372&newsitemid=20260505081724&lan=en-US&anchor=www.dreamindustrialreit.ca&index=5&md5=d8e6d5a1acded0e2d73c687f1ff40751)\n.\n\nFOOTNOTES\n\n\n 1. CP NOI (constant currency basis) is a non-GAAP financial measure. The most\ndirectly comparable financial measure to CP NOI (constant currency basis) is\nnet rental income. The table included in the Appendices section of this press\nrelease reconciles CP NOI (constant currency basis) for the three months ended\nMarch 31, 2026 and March 31, 2025 to net rental income. For further\ninformation on this non-GAAP measure, please refer to the statements under the\nheading “Non-GAAP financial measures, ratios and supplementary financial\nmeasures” in this press release.\n\n 2. FFO is a non-GAAP financial measure. The most directly comparable financial\nmeasure to FFO is net income. The table included in the Appendices section of\nthis press release reconcile FFO for the three months ended March 31, 2026 and\nMarch 31, 2025 to net income. For further information on this non-GAAP\nmeasure, please refer to the statements under the heading “Non-GAAP\nfinancial measures, ratios and supplementary financial measures” in this\npress release.\n\n 3. Diluted FFO per Unit and FFO payout ratio are non-GAAP ratios. Diluted FFO per\nUnit is comprised of FFO (a non-GAAP financial measure) divided by the\nweighted average number of Units. FFO payout ratio is calculated as total\ndistributions divided by FFO (both non-GAAP financial measures) for the\nperiod. For further information on non-GAAP ratios, please refer to the\nstatements under the heading “Non-GAAP financial measures, ratios and\nsupplementary financial measures” in this press release.\n\n 4. A description of the determination of diluted amounts per Unit can be found in\nthe Trust’s Management’s Discussion and Analysis for the three months\nended March 31, 2026 and March 31, 2025, in the section “Supplementary\nfinancial measures and ratios and other disclosures”, under the heading\n“Weighted average number of Units”.\n\n 5. “Number of assets” comprise a building, or a cluster of buildings in close\nproximity to one another attracting similar tenants.\n\n 6. Includes the Trust’s owned and managed properties and assets held for sale\nas at March 31, 2026, December 31, 2025 and March 31, 2025.\n\n 7. Excludes the Trust’s share of equity accounted investments and assets held\nfor sale as at March 31, 2026, December 31, 2025 and March 31, 2025.\n\n 8. Includes the Trust’s share of equity accounted investments in the U.S. Fund,\nDSI JV, DCI JV and Development JV and excludes assets held for sale as at\nMarch 31, 2026 and December 31, 2025, with the exception of 10% of the assets\nheld for sale relating to the second tranche of the portfolio that will be\nsold to the DCI JV in mid-2026 that is included as at March 31, 2026.\n\n 9. Net total debt-to-total assets (net of cash and cash equivalents) ratio is a\nnon-GAAP ratio. Net total debt-to-total assets (net of cash and cash\nequivalents) ratio is comprised of net total debt (a non-GAAP financial\nmeasure) divided by total assets (net of cash and cash equivalents) (a\nnon-GAAP financial measure). The most directly comparable IFRS Accounting\nStandards financial measure to net total debt is non-current debt, and the\nmost directly comparable IFRS Accounting Standards financial measure to total\nassets (net of cash and cash equivalents) is total assets. The tables included\nin the Appendices section of this press release reconciles net total debt to\nnon-current debt and total assets (net of cash and cash equivalents) to total\nassets as at March 31, 2026, December 31, 2025 and March 31, 2025. For further\ninformation on this non-GAAP ratio and these non-GAAP financial measures,\nplease refer to the statements under the heading “Non-GAAP financial\nmeasures, ratios and supplementary financial measures” in this press\nrelease.\n\n 10. Net total debt-to-normalized adjusted EBITDAFV is a non-GAAP ratio. Net total\ndebt-to-normalized adjusted EBITDAFV is comprised of net total debt (a\nnon-GAAP financial measure) divided by normalized adjusted EBITDAFV (a\nnon-GAAP financial measure). The most directly comparable IFRS Accounting\nStandards financial measure to normalized adjusted EBITDAFV is net income. The\ntables included in the Appendices section of this press release reconcile\nadjusted EBITDAFV to net income (loss) for the three months ended March 31,\n2026 and December 31, 2025. For further information on this non-GAAP ratio and\nthis non-GAAP financial measure, please refer to the statements under the\nheading “Non-GAAP financial measures, ratios and supplementary financial\nmeasures” in this press release.\n\n 11. Interest coverage ratio is a non-GAAP ratio. Interest coverage ratio is\ncomprised of trailing 12-month period adjusted EBITDAFV (a non-GAAP financial\nmeasure) divided by trailing 12-month period interest expense on debt and\nother financing costs. The most directly comparable IFRS Accounting Standards\nfinancial measure to adjusted EBITDAFV is net income. For further information\non this non-GAAP ratio and non-GAAP financial measure, please refer to the\nstatements under the heading “Non-GAAP financial measures, ratios and\nsupplementary financial measures” in this press release.\n\n 12. Weighted average face interest rate on debt is calculated as the weighted\naverage face interest rate of all interest-bearing debt, including the impact\nof cross-currency interest rate swaps as at each period end.\n\n 13. Unencumbered investment properties and unencumbered investment properties as a\npercentage of total investment properties are supplementary financial\nmeasures. For further information on these supplementary financial measures,\nplease refer to the statements under the heading “Non-GAAP financial\nmeasures, ratios and supplementary financial measures” in this press\nrelease.\n\n 14. Available liquidity is a non-GAAP financial measure. The most directly\ncomparable financial measure to this non-GAAP financial measures is cash and\ncash equivalents. The table included in the Appendices section of this press\nrelease reconcile this non-GAAP financial measure to cash and cash equivalents\nas at March 31, 2026, December 31, 2025 and March 31, 2025. For further\ninformation on this non-GAAP financial measure, please refer to the statements\nunder the heading “Non-GAAP financial measures, ratios and supplementary\nfinancial measures” in this press release.\n\n 15. Total equity (including LP B Units or subsidiary redeemable units) is a\nnon-GAAP financial measure. The most directly comparable financial measure to\ntotal equity (including LP B Units) is total equity (per condensed\nconsolidated financial statements). The tables included in the Appendices\nsection of this press release reconcile total equity (including LP B Units) to\ntotal equity (per condensed consolidated financial statements) as at March 31,\n2026, December 31, 2025 and March 31, 2025. For further information on this\nnon-GAAP measure, please refer to the statements under the heading “Non-GAAP\nfinancial measures, ratios and supplementary financial measures” in this\npress release.\n\n 16. Total number of Units includes 7.5 million LP B Units that are classified as a\nliability under IFRS Accounting Standards.\n\n 17. NAV per Unit is a non-GAAP ratio. NAV per Unit is comprised of total equity\n(including LP B Units) (a non-GAAP financial measure) divided by the total\nnumber of Units. For further information on this non-GAAP ratio, please refer\nto the statements under the heading “Non-GAAP financial measures, ratios and\nsupplementary financial measures” in this press release.\n\n 18. Secured debt is a supplementary financial measure and secured debt as a\npercentage of total assets and secured debt as a percentage of total debt are\nsupplementary financial ratios. Please refer to the statements under the\nheading “Non-GAAP financial measures, ratios and supplementary financial\nmeasures” in this press release.\n\n 19. Total debt is a non-GAAP financial measure. The most directly comparable\nfinancial measure to total debt is non-current debt. The tables included in\nthe Appendices section of this press release reconcile total debt to\nnon-current debt as at March 31, 2026, December 31, 2025 and March 31, 2025.\nFor further information on this non-GAAP financial measure, please refer to\nthe statements under the heading “Non-GAAP financial measures, ratios and\nsupplementary financial measures” in this press release.\n\nNon-GAAP financial measures, ratios and supplementary financial measures\n\nThe Trust’s condensed consolidated financial statements are prepared in\naccordance with IFRS Accounting Standards as issued by the International\nAccounting Standards Board (“IFRS Accounting Standards”). In this press\nrelease, as a complement to results provided in accordance with IFRS\nAccounting Standards, the Trust discloses and discusses certain non- GAAP\nfinancial measures and ratios, including FFO, diluted FFO per Unit, FFO payout\nratio, CP NOI (constant currency basis), total debt, net total debt-to-total\nassets (net of cash and cash equivalents) ratio, net total debt, total assets\n(net of cash and cash equivalents), net total debt-to-normalized adjusted\nEBITDAFV ratio, adjusted EBITDAFV, normalized adjusted EBITDAFV –\nannualized, interest coverage ratio, available liquidity, total equity\n(including LP B Units), secured debt as a percentage of total debt, and NAV\nper Unit as well as other measures discussed elsewhere in this press release.\nThese non-GAAP financial measures and ratios are not defined by IFRS\nAccounting Standards and do not have a standardized meaning under IFRS\nAccounting Standards. The Trust’s method of calculating these non-GAAP\nfinancial measures and ratios may differ from other issuers and may not be\ncomparable with similar measures presented by other issuers. The Trust has\npresented such non-GAAP financial measures and ratios as Management believes\nthey are relevant measures of the Trust’s underlying operating and financial\nperformance. Certain additional disclosures such as the composition,\nusefulness and changes, as applicable, of the non-GAAP financial measures and\nratios included in this press release have been incorporated by reference from\nthe management’s discussion and analysis of the financial condition and\nresults from operations of the Trust for the three months ended March 31,\n2026, dated May 5, 2026 (the “Q1 2026 MD&A”) and can be found under\nthe sections “Non-GAAP Financial Measures\" and \"Non-GAAP Ratios” and\nrespective sub-headings labelled “Funds from operations (“FFO”)”,\n\"Diluted FFO per Unit\", “FFO payout ratio”, \"Comparative properties net\noperating income (“CP NOI”) (constant currency basis)”, “Net total\ndebt-to-total assets (net of cash and cash equivalents) ratio”, “Net total\ndebt-to- normalized adjusted EBITDAFV ratio (years)”, and “Interest\ncoverage ratio”, “Available liquidity”, \"Total equity (including LP B\nUnits or subsidiary redeemable units\"), “Total debt”, “Net asset value\n(“NAV”) per Unit”, “Net total debt and total assets (net of cash and\ncash equivalents)”, “Adjusted earnings before interest, taxes,\ndepreciation, amortization and fair value adjustments (“Adjusted\nEBITDAFV”) and Normalized adjusted EBITDAFV – Annualized”. The\ncomposition of supplementary financial measures and ratios included in this\npress release have been incorporated by reference from the Q1 2026 MD&A\nand can be found under the section “Supplementary financial measures and\nratios and other disclosures”. The Q1 2026 MD&A is available on SEDAR+\nat www.sedarplus.ca\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.sedarplus.ca&esheet=54529372&newsitemid=20260505081724&lan=en-US&anchor=www.sedarplus.ca&index=6&md5=90d27979957ba1368db8d44f97449c74)\nunder the Trust’s profile and on the Trust’s website at\nwww.dreamindustrialreit.ca\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.dreamindustrialreit.ca&esheet=54529372&newsitemid=20260505081724&lan=en-US&anchor=www.dreamindustrialreit.ca&index=7&md5=dba5de871a5c109903cc931a3da22814)\nunder the Investors section. Non-GAAP financial measures and ratios should not\nbe considered as alternatives to net income, net rental income, cash flows\ngenerated from (utilized in) operating activities, cash and cash equivalents,\ntotal assets, non-current debt, total equity, or comparable metrics determined\nin accordance with IFRS Accounting Standards as indicators of the Trust’s\nperformance, liquidity, cash flow, and profitability.\n\nForward-looking information\n\nThis press release may contain forward-looking information within the meaning\nof applicable securities legislation, including statements regarding the\nTrust’s objectives and strategies to achieve those objectives; the Trust’s\nstrong pipeline of high-growth opportunities across the Trust’s target\nmarkets; the Trust’s focus on scaling private ventures, exploration of\nopportunities in new markets, and the Trust’s confidence in the ongoing\nresilience of the business; the Trust’s strategic advancement, expected\ninvestment, yield and benefit therefrom; the Trust’s expectations regarding\ntenant prospects and opportunities to capture income growth as spaces are\nleased; the Trust’s ability to achieve strong rental growth over time\nthrough inclusion of contractual annual rate escalators to its leases and the\nexpected increase in comparative properties NOI as a result thereof; the\nTrust’s capital allocation priorities and commitments; the Trust’s\nacquisition pipeline, the expected incremental revenue from the new\nacquisitions, yield and anticipated benefits therefrom; the status of and\nexpected benefits from disposition opportunities and the DCI JV, including the\nexpected close on the second tranche of assets; the Trust’s capital\nrecycling program, expected benefits therefrom, use of proceeds and related\nactivities; the status of leasing discussions; debt maturities, refinancings\nand repayments, swap arrangements and resulting liquidity profile; the Trust's\nmaintenance of significant financial flexibility and the resulting ability to\nexecute on strategic initiatives; the Trust’s goal of delivering strong\ntotal returns to its unitholders through secure distributions as well as\ngrowth in net asset value and cash flow per unit underpinned by its\nhigh-quality portfolio and an investment grade balance sheet; the performance\nand quality of its portfolio; the Trust’s development pipeline and its\nexpectations with respect to the opportunity provided by such development\npipeline; the Trust’s active deployment of capital alongside its partners,\nadding high-quality industrial product within its private ventures while\nfurther scaling its property management and leasing platform; the Trust’s\ndevelopment, expansion, reposition and redevelopment plans, including the\ntiming of construction and expansion, costs, square footage, unlevered yields\nand anticipated yields; the Trust’s position to execute on value-add\ninitiatives that improve the growth profile of the business; the Trust’s\ndisciplined approach to allocate capital towards strategic initiatives that\nenhance the long-term growth profile of the business; and similar statements\nconcerning anticipated future events, financials, estimated market rents,\nfuture leasing activity, the ability to lease vacant space, results of\noperations, performance, business prospects and opportunities, and the real\nestate industry in general.\n\nForward-looking information is based on a number of assumptions and is subject\nto a number of risks and uncertainties, many of which are beyond the Trust’s\ncontrol, which could cause actual results to differ materially from those that\nare disclosed in or implied by such forward-looking information. These risks\nand uncertainties include, but are not limited to, general and local economic\nand business conditions; employment levels; mortgage and interest rates and\nregulations; inflation; risks related to a potential economic slowdown in\ncertain of the jurisdictions in which we operate and the effect inflation and\nany such economic slowdown may have on market conditions and lease rates;\nrisks that the Trust’s operations may be affected by adverse global market,\neconomic and political conditions and other events beyond our control,\nincluding risks related to the imposition of duties, tariffs and other trade\nrestrictions and their impacts; uncertainties around the timing and amount of\nfuture financings; uncertainties surrounding public health crises and\nepidemics; geopolitical events, including disputes between nations, war and\ninternational sanctions; the financial condition of tenants; leasing risks,\nincluding those associated with the ability to lease vacant space; rental\nrates and the strength of rental rate growth on future leasing; and interest\nand currency rate fluctuations. The Trust’s objectives and forward-looking\nstatements are based on certain assumptions, including that the general\neconomy remains stable, including that future market and economic conditions\nwill occur as expected and that geopolitical events, including disputes\nbetween nations or the imposition of duties, tariffs, quotas, embargoes or\nother trade restrictions (including any retaliation to such measures), will\nnot disrupt global economies; inflation and interest rates will not materially\nincrease beyond current market expectations; conditions within the real estate\nmarket remain consistent; competition for acquisitions remains consistent with\nthe current climate; and the capital markets continue to provide ready access\nto equity and/or debt. All forward-looking information in this press release\nspeaks as of the date of this press release. The Trust does not undertake to\nupdate any such forward-looking information whether as a result of new\ninformation, future events or otherwise except as required by law. Additional\ninformation about these assumptions and risks and uncertainties is contained\nin the Trust’s filings with securities regulators, including its latest\nannual information form and MD&A. These filings are also available at the\nTrust’s website at www.dreamindustrialreit.ca\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.dreamindustrialreit.ca&esheet=54529372&newsitemid=20260505081724&lan=en-US&anchor=www.dreamindustrialreit.ca&index=8&md5=97f231681e61e2dec323359a5e4a86bc)\n.\n\nAppendices\n\nAll dollar amounts in the Appendices are presented in thousands of Canadian\ndollars, except for per square foot amounts, per Unit amounts, or unless\notherwise stated.\n\nReconciliation of CP NOI (constant currency basis) to net rental income\n\nThe table below reconciles CP NOI (constant currency basis) to net rental\nincome for the three months ended March 31, 2026 and March 31, 2025.\n                                                                               Three months ended                \n                                                                               March 31,        March 31,        \n                                                                                      2026             2025      \n Ontario                                                                       $      25,980    $      24,328    \n Québec                                                                               13,496           10,293    \n Western Canada                                                                       10,361           9,552     \n Canadian portfolio                                                                   49,837           44,173    \n European portfolio (constant currency basis)                                         37,932           36,159    \n Total wholly-owned portfolio                                                         87,769           80,332    \n Total equity accounted investments (constant currency basis)((1))                    11,784           11,023    \n CP NOI (constant currency basis)                                                     99,553           91,355    \n Impact of foreign currency translation on CP NOI                                     —                (1,859)   \n NOI from acquired properties – Canada                                                928              —         \n NOI from acquired properties – Europe                                                689              —         \n NOI impact other than CP NOI from equity accounted investments                       1,415            1,095     \n Net property management and other income                                             3,426            2,995     \n Straight-line rent                                                                   925              2,341     \n Amortization of lease incentives                                                     (1,299)          (815)     \n Lease termination fees and other                                                     (53)             53        \n Bad debt provisions                                                                  (905)            (244)     \n NOI from properties transferred from/to properties held for development((2))         2,546            735       \n NOI from disposed properties and assets held for sale((3))                           3,396            7,554     \n Less: NOI from equity accounted investments((4))                                     (12,844)         (11,500)  \n Net rental income((5))                                                        $      97,777    $      91,710    \n\n (1)      This includes 10% of the CP NOI from the Initial DCI Portfolio.                 \n (2)      100% of the 0.7 million square foot completed development project in Balzac,    \n          Alberta, is occupied with rent having commenced in Q1 2025; approximately 92%   \n          of the 0.3 million square foot completed development project in Balzac,         \n          Alberta, is occupied with rent having commenced in Q2 2024.                     \n (3)      Includes 90% of the net rental income from the first tranche of the Initial     \n          DCI Portfolio until February 5th and second tranche for the full quarter.       \n (4)      Includes 10% of the net rental income from the DCI JV.                          \n (5)      Certain comparative figures from the prior period in this table have been       \n          restated to conform with the current period’s presentation.                     \n\n\nReconciliation of FFO to net income\n\nThe table below reconciles FFO to net income for the three months ended March\n31, 2026 and March 31, 2025.\n                                                                     Three months ended March 31,            \n                                                                               2026                2025      \n Net income for the period                                           $         62,840    $         47,488    \n Add (deduct):                                                                                               \n Fair value adjustments to investment properties                               10,284              18,945    \n Fair value adjustments to financial instruments                               (6,244)             (4,506)   \n Share of net income from equity accounted investments                         (10,076)            (3,387)   \n Interest expense on subsidiary redeemable units                               1,304               1,992     \n Amortization and write-off of lease incentives                                1,587               1,027     \n Internal leasing costs                                                        1,916               1,308     \n Fair value adjustments to deferred trust units included in G&A                21                  (98)      \n Foreign exchange (gain) loss                                                  (23)                1,104     \n Share of FFO from equity accounted investments                                9,051               8,015     \n Deferred income tax expense (recovery), net                                   1,477               (1,322)   \n Current income tax expense related to dispositions                            496                 2,051     \n Transaction costs on acquisitions and dispositions and other                  1,277               1,985     \n Incentive fee resulting from disposition gains                                2,379               —         \n FFO for the period                                                  $         76,289    $         74,602    \n\n\nReconciliation of available liquidity and cash and cash equivalents\n\nThe table below reconciles available liquidity to cash and cash equivalents as\nat March 31, 2026, December 31, 2025 and March 31, 2025.\n                                                                            March 31, 2026          December 31, 2025         March 31, 2025      \n Cash and cash equivalents per condensed consolidated financial statements  $         35,872        $          41,431         $         35,707    \n Undrawn unsecured revolving credit facility((1))                                     569,023                  297,094                  715,618   \n Available liquidity                                                        $         604,895       $          338,525        $         751,325   \n\n (1)      Net of letters of credit outstanding totalling $8,885, $8,885 and $5,210 as at  \n          March 31, 2026, December 31, 2025 and March 31, 2025, respectively.             \n\n\nReconciliation of total equity (including LP B Units) to total equity\n(excluding LP B Units)\n\nThe table below reconciles total equity (including LP B Units) to total equity\n(excluding LP B Units) as at March 31, 2026, December 31, 2025 and March 31,\n2025.\n                                                               As at                                                                                                                 \n                                                               March 31, 2026                          December 31, 2025                         March 31, 2025                      \n                                                               Number of          Amount               Number of           Amount                Number of          Amount           \n                                                               \nUnits                                  \nUnits                                    \nUnits                              \n REIT Units and unitholders’ equity                            281,344,617        $     3,434,287      286,806,165         $      3,505,110      285,058,182        $     3,481,081  \n Retained earnings                                             —                        1,239,711      —                          1,226,506      —                        1,254,930  \n Accumulated other comprehensive income                        —                        74,798         —                          59,958         —                        82,340     \n Total equity per condensed consolidated financial statements  281,344,617              4,748,796      286,806,165                4,791,574      285,058,182              4,818,351  \n Add: LP B Units                                               7,453,489                92,200         7,453,489                  93,765         7,453,489                84,224     \n Total equity (including LP B Units)                           288,798,106        $     4,840,996      294,259,654         $      4,885,339      292,511,671        $     4,902,575  \n NAV per Unit                                                                     $     16.76                              $      16.60                             $     16.76      \n\n\nReconciliation of total debt to non-current debt\n\nThe table below reconciles total debt to non-current debt as at March 31,\n2026, December 31, 2025 and March 31, 2025.\n Amounts per condensed consolidated financial statements  March 31, 2026           December 31, 2025         March 31, 2025       \n Non-current debt                                         $         2,409,832      $          2,670,571      $         2,509,654  \n Current debt                                                       451,538                   451,359                  451,265    \n Fair value of CCIRS((1))                                           119,540                   140,642                  58,597     \n Total debt                                               $         2,980,910      $          3,262,572      $         3,019,516  \n\n (1)      As at March 31, 2026, the CCIRS were in a liability position, with $64,207 in   \n          “Derivatives and other non-current liabilities” and $55,333 in “Amounts         \n          payable and accrued liabilities” in the condensed consolidated financial        \n          statements. As at December 31, 2025, the CCIRS were in a liability position,    \n          with $83,701 in “Derivatives and other non-current liabilities” and             \n          $56,941 in “Amounts payable and accrued liabilities” in the consolidated        \n          financial statements. As at March 31, 2025, the CCIRS were in a net liability   \n          position and $2,445 was included in “Derivatives and other non-current          \n          assets”, $1,170 was included in “Prepaid expenses and other assets”,            \n          $53,796 in “Derivatives and other non-current liabilities” and $8,416           \n          “Amounts payable and accrued liabilities” in the condensed consolidated         \n          financial statements.                                                           \n\n\nReconciliation of net total debt to non-current debt and total assets (net of\ncash and cash equivalents) to total assets\n\nThe table below reconciles net total debt to non-current debt and total assets\n(net of cash and cash equivalent) to total assets as at March 31, 2026,\nDecember 31, 2025 and March 31, 2025.\n                                                  March 31, 2026           December 31, 2025         March 31, 2025       \n Non-current debt                                 $         2,409,832      $          2,670,571      $         2,509,654  \n Add (deduct):                                                                                                            \n Current debt                                               451,538                   451,359                  451,265    \n Fair value of CCIRS                                        119,540                   140,642                  58,597     \n Unamortized financing costs                                7,666                     8,491                    10,633     \n Unamortized fair value adjustments                         (415)                     (469)                    (601)      \n Cash and cash equivalents                                  (35,872)                  (41,431)                 (35,707)   \n Net total debt                                   $         2,952,289      $          3,229,163      $         2,993,841  \n Total assets                                               8,050,062                 8,442,797                8,143,318  \n Less:                                                                                                                    \n Fair value of CCIRS assets                                 —                         —                        (3,615)    \n Cash and cash equivalents                                  (35,872)                  (41,431)                 (35,707)   \n Total assets (net of cash and cash equivalents)  $         8,014,190      $          8,401,366      $         8,103,996  \n\n\nReconciliation of adjusted EBITDAFV to net income (loss) and normalized\nadjusted EBITDAFV\n\nThe table below reconciles adjusted EBITDAFV to net income for the three\nmonths ended March 31, 2026, December 31, 2025, March 31, 2025, March 31, 2024\nand years ended December 31, 2025 and December 31, 2024.\n                                                                              For the three months ended                                                          For the year ended                            \n                                                                              March 31,            December 31,           March 31,                March 31,      December 31,            December 31,          \n                                                                              \n2026                \n2025                  \n2025                    \n2024          \n2025                   \n2024                 \n Net income for the period                                                    $      62,840        $        30,156        $      47,488       $    74,575         $        170,073        $        259,611      \n Add (deduct):                                                                                                                                                                                                  \n Fair value adjustments to investment properties                                     10,284                 4,512                18,945            (1,509     )            46,271                  24,765       \n Fair value adjustments to financial instruments                                     (6,244   )             (61      )           (4,506  )         (10,637    )            7,754                   (13,338  )   \n Share of net income from equity accounted investments                               (10,076  )             (12,965  )           (3,387  )         (8,885     )            (17,042  )              (42,982  )   \n Share of EBITDAFV from equity accounted investments((2))                            12,407                 12,224               11,144            9,681                   46,208                  40,767       \n Interest expense on debt and other financing costs                                  23,462                 23,242               18,497            17,002                  84,938                  70,130       \n Interest expense on subsidiary redeemable units                                     1,304                  1,304                1,992             2,336                   5,904                   9,344        \n Other items included in investment properties revenue((1))                          (236     )             (1,181   )           (2,149  )         (653       )            (5,775   )              (7,017   )   \n Deferred and current income tax expense (recovery), net                             2,992                  (2,761   )           1,397             4,777                   (1,881   )              9,764        \n Net loss on transactions and other activities                                       3,136                  4,495                4,342             1,744                   15,434                  11,668       \n Incentive fee resulting from disposition gains included in G&A expenses             2,379                  44,811               —                 —                       44,811                  —            \n Adjusted EBITDAFV for the period                                             $      102,248       $        103,776       $      93,763       $    88,431         $        396,695        $        362,712      \n\n (1)      Includes lease termination fees and other items, straight-line rent and        \n          amortization of lease incentives.                                              \n (2)      Comparative figures from prior periods have been restated to conform with the  \n          current period’s presentation.                                                 \n\n                                                                       March 31, 2026          December 31, 2025         March 31, 2025      \n Adjusted EBITDAFV – quarterly((1)(2))                                 $         102,248       $          103,776        $         93,763    \n Add (deduct):                                                                                                                               \n Normalized NOI of acquisitions, dispositions and developments in the            (1,810)                  687                      335       \n quarter((3))                                                                                                                                \n Normalized adjusted EBITDAFV – quarterly                                        100,438                  104,463                  94,098    \n Normalized adjusted EBITDAFV – annualized                             $         401,752       $          417,852        $         376,392   \n\n (1)      Adjusted EBITDAFV (a non-GAAP financial measure) for the three months ended    \n          March 31, 2026, December 31, 2025 and March 31, 2025 is reconciled to net      \n          income for the respective periods in the table above.                          \n (2)      Comparative figures from the prior period have been restated to conform with   \n          the current period’s presentation.                                             \n (3)      Represents the NOI had the acquisitions, dispositions and developments in the  \n          respective periods occurred for the full quarter.                              \n\n\n \n\n\n\nView source version on businesswire.com:\nhttps://www.businesswire.com/news/home/20260505081724/en/\n(https://www.businesswire.com/news/home/20260505081724/en/)\n\nFor further information, please contact:\n\n\n\nDream Industrial REIT\n\n\n\nAlexander Sannikov \n\nPresident & Chief Executive Officer\n\n(416) 365-4106\n\nasannikov@dream.ca \n(mailto:asannikov@dream.ca) \n\n\nLenis Quan \n\nChief Financial Officer\n\n(416) 365-2353\n\nlquan@dream.ca (mailto:lquan@dream.ca)\n\n\nCopyright Business Wire 2026"},"type":"article","timestamp":"2026-05-05T21:35:00.207767365Z","server_sent_at_ms":1778016900207},"received_at":"2026-05-05T21:35:00.461Z","source_url":"https://www.businesswire.com/news/home/20260505081724/en/"},"analysis":{"id":"16484","press_release_id":"22259","analysis_json":{"industry":{"label":"Equity Real Estate Investment Trusts (REITs)","sector":"Real Estate"},"redFlags":[],"eventType":"earnings","narrative":"Dream Industrial REIT reported Q1 2026 results highlighted by a 9% increase in Comparative Properties Net Operating Income (CP NOI) to $99.6 million and a 6.6% rise in Net Rental Income to $97.8 million.\n\nThe Trust repurchased and cancelled $97.2 million of REIT Units under its normal course issuer bid program at a weighted average price of $12.95 per unit, returning capital to unitholders.\n\nOccupancy for the wholly-owned Canadian portfolio increased to 96.8%, while the Trust signed over 1.8 million square feet of new leases and renewals at a weighted average rental spread of 26.4%.\n\nDream Industrial completed $453 million of asset dispositions during the quarter, reducing leverage by over 160 basis points compared to Q4 2025.","sentiment":"bullish","agentHooks":{"shouldPost":true,"suggestedAngle":"Strong Q1 with 9% CP NOI growth and aggressive capital returns via buybacks."},"keyFigures":{"eps":0.26,"revenue":97777000,"revenueYoy":"6.6%","customDimensions":{"ffo":76289000,"cp_noi":99553000,"net_income":62840000,"ncib_amount":97200000,"nav_per_unit":16.76,"occupancy_wholly_owned_canada":"96.8%","occupancy_wholly_owned_europe":"95.0%","weighted_average_rental_spread":"26.4%"}},"quotedText":"Dream Industrial kicked off 2026 with strong performance, delivering 9% CP NOI growth driven by healthy leasing activity and continued execution of our asset management initiatives.","namedEntities":{"people":[{"name":"Alexander Sannikov","role":"President & Chief Executive Officer"},{"name":"Lenis Quan","role":"Chief Financial Officer"}],"products":[],"companies":[{"name":"Dream Industrial Real Estate Investment Trust","ticker":"DIR.UN-TSX"},{"name":"Dream CPP Investments JV","relationship":"Joint Venture Partner"},{"name":"Dream Summit JV","relationship":"Joint Venture Partner"}],"dollarAmounts":[{"amount":"$99.6 million","context":"Q1 2026 CP NOI"},{"amount":"$97.8 million","context":"Q1 2026 Net Rental Income"},{"amount":"$97.2 million","context":"REIT Units repurchased under NCIB"},{"amount":"$453 million","context":"Asset dispositions in Q1 2026"}]},"materialImpact":{"score":4,"reasoning":"Strong Q1 results with 9% Comparative Properties NOI growth and solid FFO per unit growth. Management returned nearly $100M via NCIB and completed significant dispositions to reduce leverage. The business demonstrates healthy leasing momentum with strong rental spreads."},"tickerRelevance":{"others":[],"primary":"DIR_U"},"globalImportance":35,"audienceRelevance":35,"eventTypeSecondary":[],"importanceComponents":{"tickerTier":"mid-cap","eventGravity":"solid_earnings_with_capital_return","sectorWeight":"Real Estate","householdBrandBoost":0,"marketCapAdjustment":"none","retailFavoriteBoost":0}},"event_type":"earnings","event_type_secondary":null,"sentiment":"bullish","material_impact_score":4,"narrative":"Dream Industrial REIT reported Q1 2026 results highlighted by a 9% increase in Comparative Properties Net Operating Income (CP NOI) to $99.6 million and a 6.6% rise in Net Rental Income to $97.8 million.\n\nThe Trust repurchased and cancelled $97.2 million of REIT Units under its normal course issuer bid program at a weighted average price of $12.95 per unit, returning capital to unitholders.\n\nOccupancy for the wholly-owned Canadian portfolio increased to 96.8%, while the Trust signed over 1.8 million square feet of new leases and renewals at a weighted average rental spread of 26.4%.\n\nDream Industrial completed $453 million of asset dispositions during the quarter, reducing leverage by over 160 basis points compared to Q4 2025.","key_figures":{"eps":0.26,"revenue":97777000,"revenueYoy":"6.6%","customDimensions":{"ffo":76289000,"cp_noi":99553000,"net_income":62840000,"ncib_amount":97200000,"nav_per_unit":16.76,"occupancy_wholly_owned_canada":"96.8%","occupancy_wholly_owned_europe":"95.0%","weighted_average_rental_spread":"26.4%"}},"named_entities":{"people":[{"name":"Alexander Sannikov","role":"President & Chief Executive Officer"},{"name":"Lenis Quan","role":"Chief Financial Officer"}],"products":[],"companies":[{"name":"Dream Industrial Real Estate Investment Trust","ticker":"DIR.UN-TSX"},{"name":"Dream CPP Investments JV","relationship":"Joint Venture Partner"},{"name":"Dream Summit JV","relationship":"Joint Venture Partner"}],"dollarAmounts":[{"amount":"$99.6 million","context":"Q1 2026 CP NOI"},{"amount":"$97.8 million","context":"Q1 2026 Net Rental Income"},{"amount":"$97.2 million","context":"REIT Units repurchased under NCIB"},{"amount":"$453 million","context":"Asset dispositions in Q1 2026"}]},"model_name":"glm-4.7","prompt_hash":"sha256:511026a279f8af46","schema_hash":"sha256:96555d0809de301c","created_at":"2026-05-06T08:36:37.790Z","global_importance":35,"audience_relevance":35,"importance_components":{"tickerTier":"mid-cap","eventGravity":"solid_earnings_with_capital_return","sectorWeight":"Real Estate","householdBrandBoost":0,"marketCapAdjustment":"none","retailFavoriteBoost":0}},"durationMs":106774,"modelName":"glm-4.7"}}