The following is a summary of the Dream Industrial Real Estate Investment Trust (DREUF) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Dream Industrial REIT reported Funds from Operations (FFO) per unit of $0.26, representing a 4% increase year-over-year.

• Net Asset Value (NAV) per unit remained stable at $16.73, in line with the previous quarter.

• Revenue growth was driven by year-over-year comparative properties Net Operating Income (NOI) growth of 3.3% for the quarter and 5.1% year-to-date.

Business Progress:

• Dream Industrial REIT has achieved significant leasing activities, including a 10-year, 300,000 square foot lease in their Balzac development and complete leasing of their Abbotside development.

• The REIT continues its capital recycling program, selling three assets for gross proceeds of $29 million.

• Active discussions are ongoing for build-to-suit opportunities over the excess land portfolio and further expansion of the solar program.

Opportunities:

• Dream Industrial REIT is actively pursuing opportunities to acquire well-located urban industrial assets in Europe and planning to reinvest the disposal proceeds into high-return projects, enhancing the strategic presence in key Canadian markets.

Risks:

• Management noted a gradual growth rate in AI service uptake as they scale, indicating that significant revenue impacts may not be immediate and could pose a drag on short-term growth expectations.

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