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Dream Industrial REIT - Q3-2019 Earnings, Price Target Update

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Dream Industrial REIT was formed to provide a Canadian focused, pure-play industrial REIT, the first full year of operation was 2013. The initial portfolio was comprised of 77 industrial properties totaling 6M sq. ft. acquired from Dream Office REIT and Return On Innovation Capital Ltd. for $647M. Dream Office REIT (D.UN), initially had a retained interest of 23.8% at Dec-31-2016, compared to 23.3% as Sept-30-2019. As of Sept-30-2019 the portfolio consists of 209 properties comprising 21.8M sq. ft. with a total value of $2.33B. This compares to 223 properties as at Dec-31-2018 totaling 20.2M sq. ft. valued at $2.14B.

Geographically as of Sept-30-2019, 23% of properties are located in western Canada, Ontario – 24%, Quebec- 19%, and the US -34%. Commencing in mid-2017 they began to acquire US properties. Subsequent to Mar-31-2019, all their eastern Canadian properties were sold for $271M, to KingSett Capital with the sale closing in Q3-2019. This comprised their entire portfolio of properties in eastern Canada. The sale portfolio is comprised of 38 properties, totaling 2.8M sq. ft. The proceeds were re-deployed to purchase properties mainly in the US.

Management Fee Structure

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