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Reconciliation of FFO to net income
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The table below reconciles FFO for the three and six months ended June 30, 2025 and June 30, 2024 to net income.
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Three months ended June 30, | Six months ended June 30, | ||||||||
2025 | 2024 | 2025 | 2024 | ||||||
Net income for the period | $ | 46,608 | $ | 61,572 | $ | 94,096 | $ | 136,147 | |
Add (deduct): | |||||||||
Fair value adjustments to investment properties | 6,526 | 7,043 | 25,471 | 5,534 | |||||
Fair value adjustments to financial instruments | 6,955 | (5,115) | 2,449 | (15,752) | |||||
Share of net loss (income) from equity accounted investments | 1,775 | (6,629) | (1,612) | (15,514) | |||||
Interest expense on subsidiary redeemable units | 1,304 | 2,336 | 3,296 | 4,672 | |||||
Amortization and write-off of lease incentives | 1,118 | 859 | 2,145 | 1,628 | |||||
Internal leasing costs | 1,677 | 1,407 | 2,985 | 2,696 | |||||
Fair value adjustments to deferred trust units included in G&A | (169) | (73) | (267) | (101) | |||||
Foreign exchange loss (gain) | 1,032 | 1,945 | 2,136 | 1,891 | |||||
Share of FFO from equity accounted investments | 8,313 | 7,590 | 16,328 | 14,641 | |||||
Deferred income tax (recovery) expense, net | (1,893) | (454) | (3,215) | 3,557 | |||||
Current income tax (recovery) expense related to dispositions | — | (35) | 2,051 | (35) | |||||
Transaction costs on acquisitions and dispositions and other | 1,589 | 607 | 3,574 | 992 | |||||
FFO for the period | $ | 74,835 | $ | 71,053 | $ | 149,437 | $ | 140,356 | |
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Reconciliation of available liquidity to cash and cash equivalents
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The table below reconciles available liquidity to cash and cash equivalents as at June 30, 2025, December 31, 2024 and June 30, 2024.
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June 30, 2025 | December 31, 2024 | June 30, 2024 | ||||||
Cash and cash equivalents per condensed consolidated financial statements | $ | 42,595 | $ | 80,277 | $ | 103,358 | ||
Undrawn unsecured revolving credit facility(1) | 671,807 | 742,118 | 492,895 | |||||
Available liquidity | $ | 714,402 | $ | 822,395 | $ | 596,253 | ||
| (1) Net of letters of credit outstanding totalling $3,635, $7,882 and $7,105 as at June 30, 2025, December 31, 2024 and June 30, 2024, respectively. | ||||||||
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Reconciliation of total equity (including LP B Units) to total equity (excluding LP B Units)
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The table below reconciles total equity (including LP B Units) to total equity (excluding LP B Units) as at June 30, 2025, December 31, 2024 and June 30, 2024.
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As at | |||||||||||
June 30, 2025 | December 31, 2024 | June 30, 2024 | |||||||||
Number of | Amount | Number of | Amount | Number of | Amount | ||||||
REIT Units and unitholders’ equity | 284,453,862 | $ | 3,475,069 | 277,819,984 | $ | 3,399,261 | 275,672,359 | $ | 3,371,347 | ||
Retained earnings | — | 1,251,405 | — | 1,256,934 | — | 1,231,124 | |||||
Accumulated other comprehensive income | — | 57,798 | — | 74,878 | — | 63,635 | |||||
Total equity per condensed consolidated financial statements | 284,453,862 | 4,784,272 | 277,819,984 | 4,731,073 | 275,672,359 | 4,666,106 | |||||
Add: LP B Units | 7,453,489 | 87,877 | 13,346,572 | 157,623 | 13,346,572 | 169,101 | |||||
Total equity (including LP B Units) | 291,907,351 | $ | 4,872,149 | 291,166,556 | $ | 4,888,696 | 289,018,931 | $ | 4,835,207 | ||
NAV per Unit | $ | 16.69 | $ | 16.79 | $ | 16.73 | |||||
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Reconciliation of total debt to non-current debt
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The table below reconciles total debt to non-current debt as at June 30, 2025, December 31, 2024 and June 30, 2024.
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Amounts per condensed consolidated financial statements | June 30, 2025 | December 31, 2024 | June 30, 2024 | |||||
Non-current debt | $ | 2,345,300 | $ | 2,098,543 | $ | 2,870,312 | ||
Current debt | 651,201 | 870,407 | 80,545 | |||||
Fair value of CCIRS(1)(2) | 160,108 | (12,932) | (25,712) | |||||
Total debt | $ | 3,156,609 | $ | 2,956,018 | $ | 2,925,145 | ||
| (1) As at June 30, 2025, the CCIRS were in a liability position and $(107,195) was included in “Derivatives and other non-current liabilities” and $(52,913) was included in “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) was included in “Derivatives and other non-current liabilities”, and $(22,289) was included in “Amounts payable and accrued liabilities” in the consolidated financial statements). | ||||||||
| (2) As at June 30, 2024, the CCIRS were in a net asset position and $33,388 was included in “Derivatives and other non-current assets” and $(7,676) was included in “Derivatives and other non-current liabilities” in the condensed consolidated financial statements. | ||||||||
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Reconciliation of net total debt to non-current debt and total assets (net of cash and cash equivalents) to total assets
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The table below reconciles net total debt to non-current debt and total assets (net of cash and cash equivalent) to total assets as at June 30, 2025, December 31, 2024 and June 30, 2024.
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June 30, 2025 | December 31, 2024 | June 30, 2024 | ||||||
Non-current debt | $ | 2,345,300 | $ | 2,098,543 | $ | 2,870,312 | ||
Add (deduct): | ||||||||
Current debt | 651,201 | 870,407 | 80,545 | |||||
Fair value of CCIRS | 160,108 | (12,932) | (25,712) | |||||
Unamortized financing costs | 9,580 | 11,063 | 11,791 | |||||
Unamortized fair value adjustments | (558) | (657) | (804) | |||||
Cash and cash equivalents | (42,595) | (80,277) | (103,358) | |||||
Net total debt | $ | 3,123,036 | $ | 2,886,147 | $ | 2,832,774 | ||
Total assets | 8,269,717 | 8,122,554 | 8,019,581 | |||||
Less: | ||||||||
Fair value of CCIRS assets | — | (49,402) | (33,388) | |||||
Cash and cash equivalents | (42,595) | (80,277) | (103,358) | |||||
Total assets (net of cash and cash equivalents) | $ | 8,227,122 | $ | 7,992,875 | $ | 7,882,835 | ||
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Reconciliation of adjusted EBITDAFV to net income (loss) and normalized adjusted EBITDAFV
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The table below reconciles adjusted EBITDAFV to net income (loss) for the three months ended June 30, 2025, December 31, 2024 and June 30, 2024; for the six months ended June 30, 2025, June 30, 2024 and June 30, 2023; and for the years ended December 31, 2024 and December 31, 2023:
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For the three months ended | For the six months ended | For the year ended | ||||||||||||||
June 30, 2025 | December 31, 2024 | June 30, 2024 | June 30, 2025 | June 30, 2024 | June 30, 2023 | December 31, 2024 | December 31, 2023 | |||||||||
Net income (loss) for the period | $ | 46,608 | $ | 109,635 | $ | 61,572 | $ | 94,096 | $ | 136,147 | $ | 62,622 | $ | 259,611 | $ | 104,299 |
Add (deduct): | ||||||||||||||||
Fair value adjustments to investment properties | 6,526 | 9,076 | 7,043 | 25,471 | 5,534 | (10,777) | 24,765 | 66,689 | ||||||||
Fair value adjustments to financial instruments | 6,955 | (38,417) | (5,115) | 2,449 | (15,752) | 55,458 | (13,338) | 68,059 | ||||||||
Share of net (income) loss from equity accounted investments | 1,775 | (22,431) | (6,629) | (1,612) | (15,514) | 6,654 | (42,982) | (4,941) | ||||||||
Interest expense on debt and other financing costs | 20,578 | 17,804 | 17,387 | 39,075 | 34,389 | 24,494 | 70,130 | 54,379 | ||||||||
Interest expense on subsidiary redeemable units | 1,304 | 2,336 | 2,336 | 3,296 | 4,672 | 5,885 | 9,344 | 10,557 | ||||||||
Other items included in investment properties revenue(1) | (978) | (2,432) | (1,328) | (3,127) | (1,981) | (3,305) | (7,017) | (3,655) | ||||||||
Distributions from equity accounted investments | 8,748 | 20,361 | 9,202 | 17,610 | 13,856 | 5,150 | 42,007 | 25,519 | ||||||||
Deferred and current income tax expense (recovery), net | (1,152) | 3,081 | 5 | 245 | 4,782 | 1,814 | 9,764 | (1,200) | ||||||||
Net loss on transactions and other activities | 4,246 | 3,428 | 3,946 | 8,588 | 5,690 | 2,772 | 11,668 | 4,762 | ||||||||
Adjusted EBITDAFV for the period | $ | 94,610 | $ | 102,441 | $ | 88,419 | $ | 186,091 | $ | 171,823 | $ | 150,767 | $ | 363,952 | $ | 324,468 |
| (1) Includes lease termination fees and other items, straight-line rent and amortization of lease incentives. | ||||||||||||||||
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June 30, 2025 | December 31, 2024 | June 30, 2024 | ||||
Adjusted EBITDAFV – quarterly(1) | $ | 94,610 | $ | 102,441 | $ | 88,419 |
Add (deduct): | ||||||
Normalized NOI of acquisitions, dispositions and developments in the quarter(2) | 98 | (52) | (784) | |||
Normalized adjusted EBITDAFV – quarterly | 94,708 | 102,389 | 87,635 | |||
Normalized adjusted EBITDAFV – annualized | $ | 378,832 | $ | 409,556 | $ | 350,540 |
| (1) Adjusted EBITDAFV (a non-GAAP financial measure) for the three months ended June 30, 2025, December 31, 2024 and June 30, 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. | ||||||
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Contacts
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Dream Industrial REIT
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Alexander Sannikov
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President & Chief Executive Officer
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(416) 365-4106
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Lenis Quan
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Chief Financial Officer
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(416) 365-2353
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