Dream Industrial REIT Reports Strong Q1 2025 Financial Results

March 31, 2025

December 31, 2024

March 31, 2024

Cash and cash equivalents per condensed consolidated financial statements

$

35,707

$

80,277

$

116,054

Undrawn unsecured revolving credit facility⁽¹⁾

715,618

742,118

492,895

Available liquidity

$

751,325

$

822,395

$

608,949

⁽¹⁾ Net of letters of credit outstanding totalling $5,210, $7,882 and $7,105 as at March 31, 2025, December 31, 2024 and March 31, 2024, respectively.

As at

March 31, 2025

December 31, 2024

March 31, 2024

Number of Units

Amount

Number of Units

Amount

Number of Units

Amount

REIT Units and unitholders’ equity

285,058,182

$

3,481,081

277,819,984

$

3,399,261

274,482,177

$

3,356,121

Retained earnings

—

1,254,930

—

1,256,934

—

1,218,116

Accumulated other comprehensive income

—

82,340

—

74,878

—

61,224

Total equity per condensed consolidated financial statements

285,058,182

4,818,351

277,819,984

4,731,073

274,482,177

4,635,461

Add: LP B Units

7,453,489

84,224

13,346,572

157,623

13,346,572

175,908

Total equity (including LP B Units)

292,511,671

$

4,902,575

291,166,556

$

4,888,696

287,828,749

$

4,811,369

NAV per Unit

$

16.76

$

16.79

$

16.72

Amounts per condensed consolidated financial statements

March 31, 2025

December 31, 2024

March 31, 2024

Non-current debt

$

2,509,654

$

2,098,543

$

2,640,760

Current debt

451,265

870,407

324,486

Fair value of CCIRS⁽¹⁾⁽²⁾

58,597

(12,932)

(29,106)

Total debt

$

3,019,516

$

2,956,018

$

2,936,140

(1)

As at March 31, 2025, the CCIRS were in a net asset position and $2,445 was included in “Derivatives and other non-current assets”, $1,170 was included in “Prepaid expenses and other assets”, $(53,796) in “Derivatives and other non-current liabilities” and $(8,416) “Amounts payable and accrued liabilities” in the condensed consolidated financial statements (as at December 31, 2024 – the CCIRS were in a net asset position and $8,181 was included in “Derivatives and other non-current assets”, $41,221 was included in “Prepaid expenses and other assets”, $(14,181) in “Derivatives and other non-current liabilities” and $(22,289) in “Amounts payable and accrued liabilities” in the consolidated financial statements).

(2)

As at March 31, 2024, the CCIRS were in a net asset position and $35,218 was included in “Derivatives and other non-current assets”, $1,776 in “Prepaid expenses and other assets” and $(7,888) in “Derivatives and other non-current liabilities” in the condensed consolidated financial statements.

March 31, 2025

December 31, 2024

March 31, 2024

Non-current debt

$

2,509,654

$

2,098,543

$

2,640,760

Add (deduct):

Current debt

451,265

870,407

324,486

Fair value of CCIRS

58,597

(12,932)

(29,106)

Unamortized financing costs

10,633

11,063

11,949

Unamortized fair value adjustments

(601)

(657)

(893)

Cash and cash equivalents

(35,707)

(80,277)

(116,054)

Net total debt

$

2,993,841

$

2,886,147

$

2,831,142

Total assets

8,143,318

8,122,554

7,995,745

Less: Fair value of CCIRS assets

(3,615)

(49,402)

(36,994)

Less: Cash and cash equivalents

(35,707)

(80,277)

(116,054)

Total assets (net of cash and cash equivalents)

$

8,103,996

$

7,992,875

$

7,842,697

For the three months ended

For the year ended

March 31, 2025

December 31, 2024

March 31, 2024

March 31, 2023

December 31, 2024

December 31, 2023

Net income (loss) for the period

$

47,488

$

109,635

$

74,575

$

(17,730)

$

259,611

$

104,299

Add (deduct):

Fair value adjustments to investment properties

18,945

9,076

(1,509)

(8,744)

24,765

66,689

Fair value adjustments to financial instruments

(4,506)

(38,417)

(10,637)

64,589

(13,338)

68,059

Share of net (income) loss from equity accounted investments

(3,387)

(22,431)

(8,885)

19,745

(42,982)

(4,941)

Interest expense on debt and other financing costs

18,497

17,804

17,002

10,575

70,130

54,379

Interest expense on subsidiary redeemable units

1,992

2,336

2,336

3,246

9,344

10,557

Other items included in investment properties revenue⁽¹⁾

(2,149)

(2,432)

(653)

(2,150)

(7,017)

(3,655)

Distributions from equity accounted investments

8,862

20,361

4,654

1,896

42,007

25,519

Deferred and current income tax expense (recovery), net

1,397

3,081

4,777

(388)

9,764

(1,200)

Net loss on transactions and other activities

4,342

3,428

1,744

2,678

11,668

4,762

Adjusted EBITDAFV for the period

$

91,481

$

102,441

$

83,404

$

73,717

$

363,952

$

324,468

⁽¹⁾ Includes lease termination fees and other items, straight-line rent and amortization of lease incentives.

March 31, 2025

December 31, 2024

March 31, 2024

Adjusted EBITDAFV – quarterly⁽¹⁾

$

91,481

$

102,441

$

83,404

Add (deduct):

Normalized NOI of acquisitions, dispositions and developments in the quarter⁽²⁾

335

(52)

—

Normalized adjusted EBITDAFV – quarterly

91,816

102,389

83,404

Normalized adjusted EBITDAFV – annualized

$

367,264

$

409,556

$

333,616

(1)

Adjusted EBITDAFV (a non-GAAP financial measure) for the three months ended March 31, 2025, December 31, 2024 and March 31, 2024 is reconciled to net income (loss) for the respective periods in the table above.

(2)

Represents the NOI had the acquisitions, dispositions and developments in the respective periods occurred for the full quarter.