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Dream Industrial REIT - Q1-2021 Earnings, Price Target Update

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Dream Industrial REIT (DIR.UN) 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. The portfolio as of Mar-31-2021 consists of 186 properties comprising 28.8M sq. ft. valued at $3.6B. The portfolio is a mix of distribution, urban logistics and light industrial properties.

Dream Office REIT (D.UN), initially had a retained interest of 23.8% at Dec-31-2016, compared to 16.3% as Jun-30-2020. Dream Industrial REIT portfolio of 262(Jun-30-2020)industrial properties comprising primarily distribution and urban logistics properties totaling 25.8M sq. ft. with Canada contributing 62% of net operating income, US-28% and 10% from Europe as of Jun-30-2020.

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. 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.

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