Dream Industrial REIT Reports Strong Q2 2021 Financial Results

This press release contains forward-looking information that is based upon assumptions and is subject to risks and uncertainties as indicated in the cautionary note contained within this press release. All dollar amounts are in Canadian dollars unless otherwise indicated.

TORONTO--(BUSINESS WIRE)--Dream Industrial REIT (DIR.UN-TSX) or (the “Trust” or “Dream Industrial” or “we”) today announced its financial results for the three and six months ended June 30, 2021. Management will host a conference call to discuss the financial results on August 4, 2021 at 11:00 a.m. (ET).

HIGHLIGHTS

• Strong diluted FFO per Unit⁽¹⁾ and NAV per Unit⁽¹⁾ growth:
  • Diluted funds from operations (“FFO”) per Unit⁽¹⁾ was $0.19 in Q2 2021, a 11.0% increase when compared to Q2 2020;
  • Net asset value (“NAV”) per Unit⁽¹⁾ was $13.69 in Q2 2021, a year-over-year increase of 16.5%, when compared to Q2 2020, reflecting higher market rents and lower capitalization rates across the Trust’s portfolio;
  • Comparative properties NOI (“CP NOI”) (constant currency basis)⁽¹⁾ increased by 3.8% for the three months ended Q2 2021, when compared to Q2 2020, predominantly driven by a 10.3% increase in Ontario due to higher occupancy and rental rates;
  • Continued to lower average interest rate on total debt outstanding, with an approximately 200 basis points decline in the average interest rate on total debt outstanding compared to Q2 2020; and
  • Net rental income for the three months ended June 30, 2021 was $51.1 million, an increase of 20.6%, when compared to $42.4 million in Q2 2020; and
• Continued portfolio high-grading and increased financial flexibility:
  • $1.8 billion of acquisitions completed to date in 2021, including the 31-property Pan-European logistics portfolio with a total value of $1.3 billion that closed on June 24, 2021, as well as $100 million of acquisitions that closed subsequent to quarter-end;
  • Growing development pipeline in the Greater Toronto Area (“GTA”), with the acquisition of two land parcels totalling 38 acres that can add over 700,000 square feet of brand new logistics space;
  • US$480 million industrial venture in the U.S. - Subsequent to quarter-end, the Trust seeded a U.S. industrial fund by selling 18 of its U.S. assets (29 buildings in total) for expected net proceeds of approximately $215 million in cash and an approximately 25% retained interest in the Fund; and
  • Robust balance sheet with ample liquidity – The Trust continues to increase its focus towards operating with an unsecured financing model with its unencumbered asset pool totalling over $2.3 billion, representing approximately 50% of investment properties value as at June 30, 2021, and available liquidity of over $660 million. Subsequent to quarter-end, the Trust repaid approximately $168 million of Canadian mortgages bearing interest at an average interest rate of 3.65%, which increased the Trust’s unencumbered asset pool by over $450 million.
• Maximizing rental rate growth across the portfolio with solid leasing momentum:
  • Since the end of Q1 2021, the Trust has signed over 1.6 million square feet of new leases at a 22% spread over prior rents; and
  • Strong leasing momentum resulted in an 80 basis points increase in in-place and committed occupancy from 97.2% as at March 31, 2021 to 98.0% as at June 30, 2021.

FINANCIAL HIGHLIGHTS
SELECTED FINANCIAL INFORMATION
(unaudited)	Three months ended					Six months ended
		June 30,		June 30,		June 30,		June 30,
(in thousands of dollars except per Unit amounts)		2021		2020		2021		2020
Operating results
Net income	$	160,295	$	2,944	$	255,559	$	44,961
Funds from operations (“FFO”)^(1)		39,158		29,558		74,066		57,552
Net rental income		51,095		42,378		97,757		82,119
CP NOI (constant currency basis)^(1)(2)		43,972		42,350		73,870		71,623
Per Unit amounts
Distribution rate	$	0.17	$	0.17	$	0.35	$	0.35
FFO – diluted^(1)(3)	$	0.19	$	0.17	$	0.38	$	0.34
See footnotes at end.

PORTFOLIO INFORMATION
(unaudited)	As at
	June 30,		December 31,		June 30,
(in thousands of dollars)		2021		2020		2020
Total portfolio
Number of assets^(4)		215		177		169
Investment properties fair value^(5)	$	4,689,801	$	3,241,601	$	2,897,409
Gross leasable area (“GLA”) (in millions of sq. ft.)		38.5		27.3		25.8
Occupancy rate – in-place and committed (period-end)		98.0 %		95.6%		95.6%
Occupancy rate – in-place (period-end)		97.4%		94.7%		95.0%
See footnotes at end.

FINANCING AND CAPITAL INFORMATION
(unaudited)	As at
	June 30,		December 31,		June 30,
(in thousands of dollars)		2021		2020		2020
Credit rating – DBRS		BBB (mid)		BBB (mid)		—
Net total debt-to-assets ratio^(1)		37.9 %		31.3%		28.1%
Net total debt-to-adjusted EBITDAFV (years)^(1)		8.6		6.2		5.4
Interest coverage ratio (times)^(1)		5.2		4.4		4.1
Weighted average face interest rate on debt^(6) (period-end)		1.49 %		2.57%		3.57%
Weighted average term to maturity on debt (years)		4.4		4.8		5.6
Unencumbered assets (period-end)^(1)(5)	$	2,322,719	$	1,441,589	$	1,107,427
Available liquidity (period-end)^(1)		663,249		573,235		395,437
Net asset value (“NAV”)per Unit (period-end)^(1)		13.69		12.55		11.75
See footnotes at end.

“We continue to take significant steps to create a more resilient, valuable, and growing business for our unitholders,” said Brian Pauls, Chief Executive Officer of Dream Industrial REIT. “Since mid-2017, we have transformed Dream Industrial from a small-cap Canadian industrial REIT into a $5 billion global REIT with high-quality, well-diversified assets located in some of the most sought-after logistics markets in the world, along with a primarily unsecured financing model and an investment grade balance sheet. Our focus going forward will continue to be growing through high-quality acquisitions and developing best-in-class assets, in order to generate solid organic growth over time and become the premier industrial REIT in each of our operating markets.”

STRATEGIC HIGHLIGHTS

Acquisitions – Since the end of Q1 2021, the Trust has closed on 41 income-producing high-quality logistics assets across Canada, the U.S., and Europe totalling $1.5 billion, including the 31-property Pan-European logistics portfolio with a total value of $1.3 billion that closed on June 24, 2021. These acquisitions have added over 10.4 million square feet of high quality, well-located and functional logistics space to the Trust’s portfolio. Built on average in 2006, these assets are above the average quality of the Trust’s portfolio, with an average clear ceiling height of 35 feet, and occupied by high-quality tenants primarily in the logistics and food and beverage industry.

The pipeline for future acquisitions remains strong with over $200 million in deals currently being underwritten and the Trust has waived conditions on an asset in Canada for approximately $18 million. Pro forma these acquisitions, the Trust will have acquired approximately $1.8 billion of assets in 2021, adding 12 million square feet of high-quality GLA to the Trust’s portfolio.

U.S. Industrial venture – On July 30, 2021, the Trust sold 18 of its U.S. assets (29 buildings in total) to a private open-ended U.S. industrial fund (the “Fund”) in consideration for approximately $215 million in cash and an approximately 25% retained interest in the Fund. A subsidiary of the Trust will provide property management, construction management, and leasing services to the Fund at market rates. This is expected to provide a growing income stream to the Trust as the Fund scales in attractive U.S. industrial markets. This transaction allows the Trust to continue to grow in attractive U.S. industrial markets, improving overall portfolio quality and diversification, while maintaining an enhanced geographic mix.

Development pipeline – The Trust has initiated a structured development program that allows it to add high-quality assets to its portfolio in markets with steep barriers to entry. The Trust is focused on building and executing on a development program that capitalizes on its predominantly urban portfolio across North America and Europe. The Trust has commenced three projects totalling 700,000 square feet in Las Vegas, Nevada, Richmond Hill, Ontario and Montréal, Québec, which are expected to be completed in the next 12 months. Overall, the Trust’s near-term development pipeline exceeds 3.5 million square feet and the Trust expects to have up to 5% of its total assets under active development at any point of time, with targeted yields on construction cost of over 6%.

The Trust has provided some highlights on its near-term development activities below:

• The Trust has commenced construction of a 460,000 square foot Class A distribution facility on its 80% interest of a 24.5 acre site in North Las Vegas in Q2 2021, with stabilization expected in 2023. The Trust estimates that the yield on construction costs on this development will exceed 6%;
• At the Trust’s 527,000 square foot property in the Greater Montréal Area, the Trust intends to expand the property by 220,000 square feet. The intensification is expected to occur over two phases, and the construction of Phase 1 is well underway with the building frame substantially complete. The Trust continues to advance Phase 2 of the project with construction anticipated to start in Q3 2021. The Trust expects to achieve a yield on construction costs of over 6.5%;
• The Trust has finalized the development plans to expand its current 110,000 square foot asset located in the GTA by an additional 43,000 square feet. The Trust intends to commence construction in Q3 2021 and expects to achieve a yield on construction costs of over 8%;
• During Q2 2021, the Trust expanded its Greenfield development program in the GTA with the acquisition of two land parcels totalling 38 acres. The first site is a 30-acre parcel located in Brampton, Ontario that can support a 550,000 square foot logistics facility with a targeted construction commencement date in the next 18-30 months. The second site is an eight acre parcel located in Caledon, Ontario that can support the construction of a 150,000 square foot logistics facility in the next 12 months. Combined, these two sites were acquired for less than $50 million, representing an attractive valuation of approximately $1.3 million per acre. The Trust expects to achieve an unlevered yield on cost of approximately 6% on these projects, which represents a spread of 250 basis points compared to capitalization rates for comparable stabilized properties and should result in meaningful NAV per unit growth; and
• Through the acquisition of the Pan-European logistics portfolio in Q2 2021, the Trust expanded its development pipeline in France, the Netherlands and Germany by over one million square feet. The Trust is targeting yields on construction costs in excess of 7% on these projects.

   

Capital strategy – The Trust continues to focus on growing and upgrading portfolio quality while increasing financial flexibility. Since announcing its debt strategy at the beginning of 2020, the Trust has raised over $1.2 billion of unsecured debt, while repaying approximately $300 million of secured debt. The Trust’s European expansion has allowed the Trust to swap these unsecured borrowings into euro-equivalent borrowings at an average interest rate under 0.5%, including $800 million of unsecured debentures swapped into euros at an average interest rate of only 0.35% during Q2 2021. The Trust’s debt strategy has allowed it to reduce its average interest rate on its total debt outstanding by approximately 200 basis points or nearly 60%, from over 3.5% to approximately 1.5% over this time period.

In the quarter the Trust finalized the Green Financing Framework and completed the successful issuance of $400 million in Series C Debentures (Green Bonds). Financing proceeds will be allocated to sustainable projects which may include green buildings, energy efficiency, renewable energy, sustainable water and waste-water management, and clean transportation. The deployment of the proceeds is well underway and the Trust has already financed/refinanced or have identified over $300 million of eligible projects to date, including over $200 million of Green-certified assets acquired as part of the Pan-European logistics portfolio transaction.

Subsequent to quarter end, the Trust repaid approximately $168 million of Canadian mortgages bearing interest at an average interest rate of 3.65% with a remaining term to maturity of 2.4 years. This is expected to result in the level of secured debt as a proportion of total debt dropping to approximately 40%, while the unencumbered asset pool is expected to increase to over $2.8 billion, representing approximately 60% of total assets. Pro forma the mortgage repayments and the U.S. fund transaction, the Trust’s net total debt-to-assets ratio⁽¹⁾ will decline to the mid-30% range and the Trust will retain over $550 million of liquidity, which will allow it to acquire over $200 million of assets as well as repay secured debt, while maintaining its net total debt-to-assets ratio⁽¹⁾ in the targeted mid-to-high 30% range.

“We continue to execute on significant strategic initiatives to grow and upgrade the quality of our portfolio and the business,” said Lenis Quan, Chief Financial Officer of Dream Industrial REIT. “Our European expansion and debt strategy have allowed us to significantly improve geographic diversity, portfolio stability, as well as financial flexibility. With the average interest rate on our total debt declining over 200 basis points or 60% in under 18 months of announcing our strategy, we have significantly outperformed our initial expectations. Looking forward, with our balance sheet in the mid-to-high 30% targeted leverage range, we expect FFO and NAV per unit growth to accelerate.”

OPERATIONAL HIGHLIGHTS

• Robust leasing momentum at attractive rental spreads – Strong demand from high-quality occupiers continue to result in significant rental rate growth across the Trust’s portfolio. Since the end of Q1 2021, the Trust has signed approximately 1.6 million square feet of new leases and renewals at an average spread of over 22% over prior rental rates.
  
  Leasing highlights since reporting Q1 2021 results include:
  • The Trust signed a 222,000 square foot renewal with one of its largest tenants in Québec, at a rental spread of 92% over expiring rent. The new term will commence in February 2022;
  • In Europe, the Trust renewed a 215,000 square foot tenant while achieving a 13% spread over expiring rent. The new term will commence in January 2022;
  • In Western Canada, the Trust leased 14 vacancies totalling 156,000 square feet, resulting in a 170 basis points increase in committed occupancy in the Trust’s Western Canada portfolio to 95.9% as at June 30, 2021; and
  • The Trust signed a 72,000 square foot renewal with a tenant in the GTA at a spread of approximately 75%.
• Increased focus on sustainability initiatives – The Trust continues to execute on its 2021 Environmental, Social and Governance Plan and is increasingly prioritizing green investments in its capital allocation decisions, including the acquisition and development of green buildings as well as obtaining green certifications for several buildings in its existing portfolio that are already built to these standards. In addition, the Trust is evaluating several capital investments across its existing portfolio, encompassing renewable power projects, energy efficient lighting, wastewater management, roofing, and landscaping. The Trust is currently in the advanced stages of planning investments in clean power in Canada and the Netherlands. Including existing panels, the Trust is targeting to install over 50,000 solar panels across 3.5 million square feet, which could result in over 10% of the Trust’s portfolio being powered by renewable energy. Moreover, the Trust continues to invest in light-emitting diode ("LED") lighting upgrades to improve the energy efficiency of its properties and has established a target to upgrade one million square feet of GLA in LED lighting in 2021. A total of 275,000 square feet of GLA were upgraded to LED lighting during the quarter, with the year-to-date cumulative conversion totalling 488,000 square feet.
• Strong rent collections – The Trust’s portfolio has remained resilient through market disruptions and rent collections have returned to pre-pandemic levels. The Trust has collected over 99% of recurring contractual gross rent during 2021. In addition, the Trust has collected substantially all of the contractual gross rent for 2020. The Trust has not entered into any material rent deferral arrangements subsequent to Q2 2020. To-date, the Trust has received nearly 95% of the $2.3 million of contractual gross rent deferred during Q2 2020.

The following table summarizes selected operational statistics with respect to the last three quarters, all presented as a percentage of recurring contractual gross rent as at August 3, 2021:

SELECTED OPERATIONAL STATISTICS
(unaudited)	Q2 2021	Q1 2021	Q4 2020
Cash collected from tenants	99.2 %	99.6%	99.5%
Deferrals (with defined repayment schedule)	0.2 %	—%	—%
Cash collected on deferrals	(0.1 %)	—%	—%
Sub-total of cash collected	99.3 %	99.6%	99.5%
Remaining to be collected	0.7 %	0.4%	0.5%
Total	100.0 %	100.0%	100.0%

“Our high-quality urban portfolio continues to attract strong tenants and we continue to be market leaders in terms of occupancy and rental rates,” said Alexander Sannikov, Chief Operating Officer of Dream Industrial REIT. “Our pace of organic growth has been strong and we expect it to strengthen further in the second half of the year. Our recent Pan-European logistics portfolio acquisition has significantly improved portfolio quality and we look forward to enhancing returns with a structured development program, and we currently have a pipeline of projects in excess of three million square feet. With pricing on well-located high quality assets at record levels, we expect our development activity to significantly increase FFO and NAV per unit, and allow us to generate strong returns for our stakeholders.”

FINANCIAL HIGHLIGHTS

• Net income for the quarter and year-to-date – For the three months ended June 30, 2021, the Trust recorded net income of $160 million consisting of net rental income of $51 million, fair value adjustments to investment properties of $207 million, partially offset by fair value adjustments to financial instruments of $75 million and cumulative other income and expenses of $23 million.
  For the six months ended June 30, 2021, the Trust recorded net income of $256 million consisting of net rental income of $98 million, fair value adjustments to investment properties of $282 million, partially offset by fair value adjustment to financial instruments of $77 million and cumulative other income and expenses of $47 million.
• Diluted FFO per Unit⁽¹⁾ for the quarter and year-to-date – Diluted FFO per Unit for the three and six months ended June 30, 2021 was $0.19 and $0.38, respectively, compared to $0.17 and $0.34, respectively, for the three and six months ended June 30, 2020. Diluted FFO per Unit increased over the prior year comparative periods as a result of strong CP NOI (constant currency basis)⁽¹⁾ growth, income from acquisitions closed in 2021 and 2020, and lower borrowing costs.
• Net rental income for the quarter and year-to-date – Net rental income for the three and six months ended June 30, 2021 was $51.1 million and $97.8 million, respectively, representing an increase of $8.7 million or 20.6% and $15.6 million or 19.0% relative to the prior year comparative periods. The increase in net rental income was mainly attributed to investment properties acquired during 2020 and year-to-date 2021.
  CP NOI (constant currency basis)⁽¹⁾ for the quarter and year-to-date – CP NOI (constant currency basis) increased 3.8% and 3.1%, respectively, for the three and six months ended June 30, 2021 compared to the prior year comparative periods. The increase in CP NOI (constant currency basis) over the prior year comparative periods was primarily driven by increasing rental spreads on new and renewed leases in Ontario where the average in-place base rent increased by 8.4% during Q2 2021 relative to the prior year comparative quarter. Additionally, CP NOI (constant currency basis) was positively impacted by higher occupancy in the U.S. and in Europe, primarily driven by increased lease commitments on previously vacant space taking occupancy during the quarter.
• NAV per Unit⁽¹⁾ – NAV per Unit as at June 30, 2021 increased by $1.14, or 9.1%, to $13.69 from $12.55 as at December 31, 2020, largely reflecting an increase in investment property values across the Trust’s portfolio as private market demand for industrial assets remains robust.

CONFERENCE CALL

Senior management will host a conference call to discuss the financial results on Wednesday, August 4, 2021 at 11:00 a.m. (ET). To access the conference call, please dial 1-888-465-5079 in Canada or 416-216-4169 elsewhere and use passcode 7492 345#. To access the conference call via webcast, please go to Dream Industrial REIT’s website at www.dreamindustrialreit.ca and click on the link for News, then click on Events. A taped replay of the conference call and the webcast will be available for ninety (90) days following the call.

Other information

Information appearing in this press release is a select summary of financial results. The condensed consolidated financial statements and management’s discussion and analysis for the Trust will be available at www.dreamindustrialreit.ca and on www.sedar.com.

Dream Industrial REIT is an unincorporated, open-ended real estate investment trust. As at June 30, 2021, Dream Industrial REIT owns and operates a portfolio of 215 industrial assets (317 properties) comprising approximately 38.5 million square feet of gross leasable area in key markets across North America and a growing presence in strong European industrial markets. Dream Industrial REIT’s objective is to continue to grow and upgrade the quality of its portfolio and to provide attractive overall returns to its unitholders. For more information, please visit www.dreamindustrialreit.ca.

FOOTNOTES
^(1)	FFO, diluted FFO per Unit, CP NOI (constant currency basis), net total debt-to-assets ratio, net total debt-to-adjusted EBITDAFV, interest coverage ratio, unencumbered assets, available liquidity and NAV per Unit are non-GAAP measures used by Management in evaluating operating and financial performance. Please refer to the cautionary statements under the heading “Non-GAAP Measures” in this press release.
^(2)	CP NOI (constant currency basis) for the three months ended June 30, 2021 and June 30, 2020 excludes properties acquired after April 1, 2020 and properties disposed of prior to the current quarter. CP NOI (constant currency basis) for the six months ended June 30, 2021 and June 30, 2020 excludes properties acquired after January 1, 2020 and properties disposed of prior to the current quarter.
^(3)	A description of the determination of diluted amounts per Unit can be found in the Trust’s Management’s Discussion and Analysis for the three and six months ended June 30, 2021, in the section “Non-GAAP measures and other disclosures”, under the heading “Weighted average number of Units”.
^(4)	The term “Number of properties” in prior period has been renamed to “Number of assets” and redefined as a building, or a cluster of buildings in close proximity to one another attracting similar tenants. Accordingly, the number of assets in prior periods has been revised to reflect the change in definition.
^(5)	Excludes assets held for sale in the current period.
^(6)	Weighted average face interest rate on debt is calculated as the weighted average face interest rate of all interest bearing debt as at period-end.

Non-GAAP Measures

The Trust’s condensed consolidated financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”). In this press release, as a complement to results provided in accordance with IFRS, the Trust discloses and discusses certain non- GAAP financial measures, including FFO, diluted FFO per Unit, CP NOI (constant currency basis), net total debt-to-assets ratio, net total debt-to-adjusted EBITDAFV, interest coverage ratio, unencumbered assets, available liquidity and NAV per Unit as well as other measures discussed elsewhere in this press release. These non-GAAP measures are not defined by IFRS, do not have a standardized meaning and may not be comparable with similar measures presented by other income trusts. The Trust has presented such non-GAAP measures as Management believes they are relevant measures of the Trust’s underlying operating and financial performance. Non-GAAP measures should not be considered as alternatives to net income, net rental income, cash flows generated from (utilized in) operating activities, cash and cash equivalents, total assets, non-current debt, total equity, or comparable metrics determined in accordance with IFRS as indicators of the Trust’s performance, liquidity, cash flow, and profitability. For a full description of these measures and, where applicable, a reconciliation to the most directly comparable measure calculated in accordance with IFRS, please refer to the “Non-GAAP measures and other disclosures” section in Dream Industrial REIT’s MD&A for the three and six months ended June 30, 2021.

Forward looking information

This press release may contain forward-looking information within the meaning of applicable securities legislation. Forward-looking information generally can be identified by the use of forward-looking terminology such as “outlook”, “objective”, “may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “should”, “plans”, or “continue”, or similar expressions suggesting future outcomes or events. Some of the specific forward-looking information in this press release may include among other things, including statements regarding the Trust’s objectives and strategies to achieve those objectives; the Trust’s expectations relating to the benefits to be realized from demand drivers for industrial space; the Trust’s ability to accretively acquire high-quality assets while maintaining a conservatively financed balance sheet; the Trust’s ability to deliver attractive overall returns to its unitholders over the long-term; the Trust’s total acquisitions in 2021; the effect of acquisitions on its leverage levels; the anticipated timing of closing of the acquisitions referred to in this press release; the Trust’s acquisition pipeline; the provision of property management, construction management and leasing services to the Fund by a subsidiary of the Trust; the expectation of the Trust’s growing income stream by having a subsidiary of the Trust provide property management, construction management, and leasing services to the Fund; the pro forma composition of our portfolio after the completion of the acquisitions and potential development opportunities, including the GLA to be added to the Trust’s portfolio following the acquisitions; our unencumbered assets ratio and our level of secured debt as a proportion of total debt after the completion of acquisitions and debt repayments; the Trust’s net total debt-to-assets ratio pro forma the mortgage repayments and the U.S. fund transaction and the resulting liquidity which is expected to be used for the acquisition of assets as well as the repayment of secured debt; our development and redevelopment plans, including timing of construction commencement and intensification, timing for commencing construction and completion of our developments, anticipated development yields and the percentage of the Trust’s total assets it expects to have under active development; anticipated density and GLA that our excess land can accommodate; the Trust’s ability to deliver on environmental, social and governance initiatives; the Trust's ability to obtain green building certifications for its portfolio and the expansion of its green building certification program over time; the implementation and results of the Trust's solar power programs; and the Trust's ability to obtain green bond framework financing and the allocation of financing proceeds from the offering of Series C Debentures (Green Bonds) to sustainable projects. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Dream Industrial REIT’s control, which could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to, general and local economic and business conditions; employment levels; mortgage and interest rates and regulations; the uncertainties around the timing and amount of future financings; uncertainties surrounding the COVID-19 pandemic; the financial condition of tenants; leasing risks, including those associated with the ability to lease vacant space; rental rates on future leasing; and interest and currency rate fluctuations. The Trust’s objectives and forward-looking statements are based on certain assumptions, including that the general economy remains stable, interest rates remain stable, conditions within the real estate market remain consistent, competition for acquisitions remains consistent with the current climate and that the capital markets continue to provide ready access to equity and/or debt. All forward-looking information in this press release speaks as of the date of this press release. Dream Industrial REIT does not undertake to update any such forward-looking information whether as a result of new information, future events or otherwise except as required by law. Additional information about these assumptions and risks and uncertainties is contained in Dream Industrial REIT’s filings with securities regulators, including its latest annual information form and MD&A. These filings are also available at Dream Industrial REIT’s website at www.dreamindustrialreit.ca.