Dream Industrial Real Estate Investment Trust (DIR-UN) investor relations material

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.