Dream Industrial Real Estate Investment Trust (DIR-UN) AGM 2025 summary

Opening remarks and agenda

• Chair welcomed attendees, appointed scrutineers, and outlined meeting procedures, including the order of formal business and a management presentation followed by Q&A.

• Notice of meeting and proxy materials were confirmed as properly distributed, and quorum was established with over 25% of votes represented.

• Meeting agenda included financial statements, auditor's report, election of trustees, and appointment of auditor.

Board and executive committee updates

• Eight trustees were nominated and elected by acclamation, with no further nominations or questions from the floor.

• Chair of the Board is Vincenza Sera; President & CEO is Alex Sannikov; CFO is Lenis Quan.

• PricewaterhouseCoopers LLP was reappointed as auditor, with trustees authorized to fix remuneration.

Financial performance review

• Portfolio transformed over five years: nearly CAD 1 billion in non-strategic asset sales, over CAD 10 billion in acquisitions, and significant development activity.

• Gross asset value reached over CAD 15 billion, with 73 million sq ft across North America and Europe; platform grew nearly tenfold in a decade.

• NAV per unit grew at a 7% CAGR, with diluted FFO per unit at a 9% CAGR from 2020 to 2024.

• Comparative properties NOI increased at a 6% CAGR, with Canadian and European rental rates rising 9% and 6% CAGR, respectively.

• Balance sheet remains strong with over CAD 750 million liquidity, leverage in mid-30% range, and payout ratio at 69%.