Dream Industrial Real Estate Investment Trust

Dream Industrial Real Estate Investment Trust

7.56
EUR
+0.10
(+1.30%)
0.39EPS
20.90P/E
2.38BMarket Cap
Nov 03Next Earn
2013 Y
2014 Y
2015 Y
2016 Y
2017 Y
2018 Y
2019 Y
2020 Y
2021 Y
2022 Y
2023 Y
2024 Y
2025 Y
TTM
Revenue per Share
2.16
2.28
2.3
2.25
2.29
1.56
1.46
1.39
1.34
1.44
1.56
1.61
1.72
1.97
Basic EPS, GAAP
1.27
0.93
0.46
-0.03
0.46
1.53
1.34
1.18
2.81
2.75
0.37
0.9
0.58
0.64
Free Cash Flow per Basic Share
0.75
0.64
0.65
0.51
0.69
0.62
0.81
0.76
0.59
0.28
0.41
0.52
1.03
0.8
Dividend per Share
0.47
0.48
0.47
0.46
0.48
0.43
0.41
0.57
0.48
0.53
0.48
0.49
0.49
0.65
Book Value per Share
8.04
10.83
10.69
9.95
9.48
9.42
11.57
11.02
14.96
17.35
15.96
16.25
16.28
16.39
Tangible Book Value per Share
7.55
10.22
10.69
9.95
9.48
9.42
11.57
11.02
14.96
17.35
15.96
16.25
16.28
16.39
Basic Weighted Avg Shares
66
73
77
78
75
103
134
169
216
257
280
289
292
264
Sales/Revenue/Turnover
143
166
177
175
172
160
195
236
290
370
438
466
504
518
Operating Margin (%)
62.39
60.46
60.18
59.16
60.66
63.24
63.78
63.11
66.05
66.89
67.96
68.09
68.57
68.09
Depreciation Expense
- -
- -
- -
- -
- -
- -
- -
- -
2
3
3
4
5
6
Net Income, GAAP
84
68
35
-3
35
158
179
200
608
706
104
260
170
169
Effective Tax Rate (%)
1.36
1.92
0.75
- -
0.37
0.86
4.57
4.16
4.74
2.69
- -
3.62
- -
- -
Profit Margin (%)
58.75
40.9
19.88
-1.54
20.11
98.18
91.86
84.82
209.91
191
23.83
55.68
33.73
32.68
Working Capital
-136
-158
-185
-103
-72
-107
335
73
17
-481
-570
-1,029
97
-665
LT Debt
728
778
751
781
776
861
953
1,131
2,019
2,137
2,549
2,110
2,683
2,263
Total Equity
571
629
627
591
712
989
1,560
1,905
3,499
4,453
4,575
4,731
4,792
4,716
Return on Invested Capital (%)
6.45
6.79
4.61
- -
6.81
5.6
5.27
4.83
3.51
3.87
- -
4.04
- -
- -
Return on Capital (%)
10.65
7.74
5.43
- -
5.32
11.53
9.99
8.51
14.76
11.9
- -
4.39
- -
- -
Return on Common Equity (%)
18.72
11.34
5.61
-0.44
5.32
18.52
14.08
11.55
22.51
17.75
2.31
5.58
3.57
3.55

Capital Structure

CAD

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
451
452
651
LT Borrowings
2,671
2,410
2,251
LT Finance Leases
12
12
12
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
294
289
288
Market Capitalization
3,754
3,383
3,862

Working Capital

CAD

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
920
485
315
Cash, Cash Equivalents & STI
41
36
198
Accounts Receivable, Net
21
69
68
Inventories
- -
- -
- -
Total Current Liabilities
823
760
980
Payables & Accruals
161
167
174
ST Debt
451
452
651
Deferred Revenue
47
34
33

Growth Rates

CAD

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
25.18%
23.68%
1.28%
Free Cash Flow
26.98%
29.87%
99.56%
Net Income, GAAP
-86.69%
49.84%
-34.49%
Sales/Revenue/Turnover
11.64%
16.69%
8.16%
Total Cash Common Dividend
16.57%
8.91%
2.96%

Quarterly Revenue

CAD

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
115
115
117
120
466
2025
121
125
- -
132
504
2026
130
131
- -
- -
- -

Quarterly Earnings Per Share

CAD

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.26
0.21
0.05
0.56
0.9
2025
0.16
0.16
- -
0.17
0.58
2026
0.22
0.1
- -
- -
- -

Quarterly Dividends Per Share

CAD

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.12
0.12
0.12
0.19
0.49
2025
0.12
0.12
- -
0.2
0.49
2026
0.17
0.17
- -
- -
- -

Company Description

CEO
Alexander Sannikov
Full Time Employees
170
Sector
Finance
Industry
Real estate investment trusts
Address
30 Adelaide Street East, Suite 301 Toronto ON Canada M5C 3H1
IPO Date
Sep 26, 2012
Business
Dream Industrial Real Estate Investment Trust (DIR-UN.TO) is a Canada-based open-ended real estate investment trust that owns, manages and operates a global portfolio of well-located, high-quality industrial properties comprising distribution, urban logistics, light industrial, industrial outside storage, temperature-controlled facilities and development projects across key markets in Canada, Europe and the U.S.; as of September 30, 2025, the portfolio includes interests in 340 industrial assets totaling approximately 73.2 million square feet of gross leasable area. Headquartered in Toronto and founded in 2012 as a spin-off from Dream Office REIT, the Trust focuses on primary and secondary markets with strong fundamentals, targeting e-commerce, logistics and last-mile distribution tenants through its vertically integrated platform featuring global acquisition capabilities, active asset management, development and intensification, conservative financing and private capital partnerships including the Dream Summit joint venture with GIC and a U.S. industrial fund. In 2025, the Trust completed over $107 million in wholly-owned acquisitions such as properties in the Greater Toronto Area, Netherlands and Germany adding mid-bay industrial assets with yields exceeding 7% upon stabilization, alongside $460 million in private venture acquisitions; it signed 2.0 million square feet of leases at 28% average rental spreads since Q3, advanced solar and data centre power upgrades on multiple sites, and progressed developments like expansions in Balzac, Alberta and Cambridge, Ontario while pursuing over $150 million in dispositions for capital recycling.

Company News

  • Dream Industrial REIT Announces October 2026 Monthly Distribution

  • Dream Industrial REIT Q3 2026 Financial Results Release Date, Webcast and Conference Call

  • Dream Industrial Real Estate Investment Trust Announces Offering of C$300 Million Senior Unsecured Debentures, Series I

  • Dream Industrial REIT Announces August 2026 Monthly Distribution

  • Dream Industrial Real Estate Invest Trst Q2 Earnings Call Highlights

  • Dream Industrial REIT Reports Strong Q2 2026 Results and 2.5% Distribution Increase

  • Dream Industrial REIT Announces Entry Into U.K. Multi-Let Industrial Market and Growth of Strategic Private Ventures in Europe

  • Dream Industrial REIT Announces July 2026 Monthly Distribution

  • Dream Industrial REIT Q2 2026 Financial Results Release Date, Webcast and Conference Call

  • Dream Industrial REIT Announces June 2026 Monthly Distribution

  • Dream Industrial REIT Announces Voting Results of Annual and Special Meeting of Unitholders

  • Dream Industrial REIT Announces May 2026 Monthly Distribution

  • Dream Industrial Real Estate Investment Trust (DIR.UN:CA) Q1 2026 Earnings Call Transcript

  • Dream Industrial REIT Reports Q1 2026 Results With 9% Comparative Properties Net Operating Income and 7% Net Rental Income Growth

  • Dream Industrial Real Estate Investment Trust Completes Offering of C$200 Million Senior Unsecured Debentures, Series H

  • Dream Industrial REIT Q1 2026 Financial Results Release Date, Webcast and Conference Call

  • Dream Industrial Real Estate Investment Trust Announces Offering of C$200 Million Senior Unsecured Debentures, Series H

  • Dream Industrial REIT Announces March 2026 Monthly Distribution

  • Dream Industrial REIT Renews Normal Course Issuer Bid and Automatic Securities Purchase Plan

  • Dream Industrial Real Estate Investment Trust (DIR.UN:CA) Q4 2025 Earnings Call Transcript