Ideal Industrial REIT States Q1 2021 Financial Outcome and Stronger Year-Over-Year Progress

This news release have forward-looking suggestions this is certainly in relation to presumptions and it is susceptible to risks and concerns as shown from inside the preventive note contained from this press release. All dollar amounts can be found in Canadian dollars unless normally suggested.


TORONTO–( BUSINESS LINE )–Dream business REIT (DIR.UN-TSX) or (the “Trust” or “DIR” or perhaps the “REIT” or “we”) nowadays announced its monetary results for the 3 months concluded March 31, 2021. Management will host a conference name to talk about the economic results may 5, 2021 at 11:00 a.m. (ET).

Diluted funds from functions (“FFO”) per device (1) ended up being $0.19 in Q1 2021, a 10% increase in comparison to Q1 2020;

Internet local rental income in Q1 2021 got $47 million, a rise of 17.4%, in comparison to $40 million in Q1 2020;

Relative characteristics NOI (“CP NOI”) (constant money factor) (1) in Q1 2021 increased by 3.1%, when comparing to Q1 2020. The Canadian portfolio published 2.0% CP NOI increases, mainly driven by a 6.1per cent CP NOI escalation in Ontario. The U.S. profile CP NOI increased by 6.7% on a continuing money grounds, due to a rise in occupancy rate of 2.0percent and a boost in in-place lease of 2.4%;

Financial investment land beliefs increased by $75 million in Q1 2021 reflecting greater industry rents, strong rental task in Ontario, and compression in capitalization rates generally in Quebec; and

Because the end of Q4 2020, the depend on provides closed around 1.1 million sq ft of the latest leases at a 19% spread-over prior rents; and

Furthermore, the rely on done nearly 0.9 million sqft of renewals at a 20per cent spread-over expiring rents ever since the end of Q4 2020.

Persistent collection high-grading and enhanced monetary freedom:

Over $350 million of purchases done currently in 2021, including $41 million of income-producing property and a 30-acre lot of area for $35 million in the better Toronto location (“GTA”) that closed subsequent to quarter-end;

Another $155 million of purchases that are solid, under deal or even in uniqueness for the Trust’s target markets in Canada, the U.S., Germany, and Netherlands; and

Powerful stability layer – The Trust’s internet total-debt-to-assets ratio (1) ended up being 28.7per cent as at March 31,2021. The confidence will continue to build focus towards functioning with an unsecured funding unit along with its unencumbered investment pool totalling roughly $2.05 billion, symbolizing over 57percent of expense land worth as at March 31, 2021.



90 days finished

(in thousands except per device amounts)

Functioning success

Resources from surgery (“FFO”) (1)

Internet rental money

CP NOI (constant currency grounds) (1)(2)

Per device amounts

FFO – diluted (1)(3)

Discover footnotes at conclusion.


(in 1000s of dollars)

Total portfolio

Many possessions (4)

Investments homes fair value

Gross leasable room (“GLA”) (in many sq. ft.)

Occupancy rate – in-place and committed (period-end)

Occupancy price – in-place (period-end)

Read footnotes at end.


(in thousands of dollars except per device amount)

Credit score rating rating- DBRS

Net overall debt-to-assets ratio (1)

Net utter debt-to-adjusted EBITDAFV (years) (1)

Interest insurance ratio (times) (1)

Weighted average face interest rate on obligations (period-end)

Weighted medium remaining label to readiness on personal debt (years)

Unencumbered possessions (period-end) (1)

Offered exchangeability (period-end) (1)

Web resource worth (“NAV”) per product (period-end) (1)

See footnotes at conclusion.

“ We continue to target raising the top-notch our very own profile by adding bigger property with top-quality clients, in stronger marketplaces with considerable local rental speed gains opportunities,” mentioned Brian Pauls, Chief Executive Officer of Dream Industrial REIT. “ Thus far in 2021, there is already sealed or developed over $500 million of property and all of our focus moving forward will continue to be developing through high-quality acquisitions and establishing best-in-class assets on land right now we possess and secure obtained within target opportunities. Overall, all of our purpose is always to create a very resilient, useful, and developing companies in regards to our unitholders.”


Acquisitions – Since the end of Q4 2020, the depend on keeps shut on 12 income-producing possessions and one land lot across Canada, the U.S., and European countries totalling about $350 million, at a going-in weighted typical capitalization price (“cap rate”) of 4.5%. The income-producing house purchases create 1.8 million sq ft of top-quality, well-located and functional logistics area toward Trust’s profile. Constructed on typical during the mid-2000s, these assets include above the ordinary quality of the Trust’s portfolio, with the average obvious ceiling height of 30 base. The purchases had been financed by cash-on-hand and proceeds from the money supplying finished in January 2021. Assuming influence of 37.5% on the possessions, and accessibility euro-equivalent financial obligation at an all-in rate of interest of 0.50%, the Trust’s going-in levered give from the income-producing property is anticipated becoming approximately 6.5per cent.