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Dream Industrial Real Estate Investment Trust (DIR-UN) investor relations material
Dream Industrial Real Estate Investment Trust Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Achieved 4.3% year-over-year FFO per unit growth and 6.4% comparative property NOI growth, supported by robust leasing, a 7.6% increase in in-place rents, and accretive acquisitions.
Leased over 2.7 million sq ft since Q2, with rental spreads exceeding H1 2025 levels and in-place occupancy up 40 bps to 94.5%.
Advanced capital recycling with over CAD 150 million in potential dispositions and more than CAD 100 million in new acquisitions at attractive yields.
Strong leasing momentum in Europe and Canada, with over 2.5 million sq ft of leases signed in Europe and 1.8 million sq ft with automotive occupiers.
Balance sheet remains strong with conservative leverage and ample liquidity.
Financial highlights
Reported diluted FFO per unit of $0.27 for Q3, up 4.3% year-over-year; FFO payout ratio improved to 66.2%.
Net income for Q3 2025 was $45.8 million, up $32.0 million from Q3 2024; net rental income rose 8.8% to $98.4 million.
Comparative property NOI grew 6.4% in Q3, led by 8.5% growth in Canada.
Net asset value at quarter end was $16.74 per unit; total assets reached $8.5 billion, up 4.2% from December 2024.
Ended Q3 with net debt-to-EBITDA ratio of 8.1x and over CAD 828 million in available liquidity.
Outlook and guidance
Expect in-place occupancy and CPNOI growth in Q4 to be consistent with Q3; Q3 FFO per unit run rate expected to continue into Q4.
Management expects continued strong leasing momentum and income growth as vacancies are leased and new developments stabilize.
Anticipate strong FFO per unit growth into 2026, predicated on current FX, leverage, and interest rates.
Retention ratio for 2026 expected to remain stable at 70-75%.
Ongoing focus on capital recycling, accretive acquisitions, and value creation through solar and data center initiatives.
Data center CapEx funding strategy?
Geographic mix of $150M dispositions?
Target structure for European JV?
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Next Dream Industrial Real Estate Investment Trust earnings date
Q4 202510 Feb, 2026
Next Dream Industrial Real Estate Investment Trust earnings date
Q4 202510 Feb, 2026
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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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