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Dream Industrial Real Estate Investment Trust (DIR-UN) investor relations material
Dream Industrial Real Estate Investment Trust Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary6 Aug, 2025
Executive summary
Achieved 4% year-over-year FFO per unit growth and 5% comparative properties NOI growth, driven by a 9.5–10% increase in in-place and committed rents and strong leasing spreads.
Signed 3.3 million sq. ft. of leases since Q1 at a 20% average spread, raising occupancy to 96% and maintaining approximately 70% tenant retention.
Over $540M in acquisitions year-to-date, including $80M on balance sheet and $59M through Dream Summit, with $19M in non-core asset dispositions and a $100M disposition pipeline.
Addressed over 70% of 2025 debt maturities and actively recycling capital to enhance portfolio quality.
Leasing momentum rebounded after a brief slowdown, with 1.1M sq. ft. leased on vacant/new space and 2.2M sq. ft. of expiries retained, driving occupancy gains across all regions.
Financial highlights
Diluted FFO per unit was $0.26 for Q2, up 4% year-over-year, with 5% comparative properties NOI growth led by 8% in Canada.
Net rental income reached $94.7M, up 8% year-over-year; net income was $46.6M, down 24.4% due to fair value losses.
Net asset value at quarter end was $16.69 per unit, remaining stable year-to-date.
FFO payout ratio improved to 68.7% from 71.6% year-over-year.
Over $900M in total available liquidity, supporting value-add and strategic initiatives.
Outlook and guidance
Maintains outlook for 2025 comparative properties NOI and FFO per unit growth, expecting stronger growth into 2026.
Leasing commitments at Q2 end represent 190 bps of additional occupancy, indicating future upside.
No significant in-place occupancy pressures expected for the remainder of 2025; FFO growth to accelerate into 2026.
Ongoing focus on disciplined capital allocation and capital recycling to drive long-term NAV and cash flow growth.
Guidance assumes current FX rates, leverage, interest rates, and lease-up timing.
Assess impact of solar program on energy yield.
Evaluate GTA North acquisition synergies.
How will remaining 2025 debt be addressed?
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Next Dream Industrial Real Estate Investment Trust earnings date
Q3 20255 Nov, 2025
Next Dream Industrial Real Estate Investment Trust earnings date
Q3 20255 Nov, 2025
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Frequently asked questions
Dream Industrial REIT owns and manages a portfolio of industrial properties across North America and Europe. Its assets include distribution centers, light industrial buildings, and urban logistics facilities. The company is headquartered in Toronto, Canada, and its shares are listed on the TSX.
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