DREAM Unlimited Corp. Class A · TSX:DRM
DREAM Unlimited Corp. Class A — Dream Industrial REIT — Investor Presentation (August 2021)
73 slides from DREAM Unlimited Corp. Class A's investor presentation, August 2021
Slide 1: Dream Industrial REIT Investor Presentation
1 Dream Industrial REIT Investor Presentation August 2021
Slide 2: Presentation Overview
2 Presentation Overview Section 1 Our Company & Strategy Section 2 Investment Highlights Section 3 Sustainability Highlights Appendix I Track Record Appendix II Key Assets in Major Markets Appendix III Market Fundamentals
Slide 3: Our Company & Strategy
3 Our Company & Strategy
Slide 4: Company Snapshot
Dream Industrial REIT 4 Company Snapshot Dream Industrial REIT TSX: DIR.UN Dream Industrial REIT (DIR) owns and operates a $5 billion1 diversified portfolio of industrial real estate across Canada, U.S. and Europe, supported by a platform 33M SF 215 with a proven track record of long-term value crea
Slide 5: Q2-2021 Financial Highlights
Dream Industrial REIT 5 Q2-2021 Financial Highlights 1 Comparative properties NOI increased 3.8% compared to Q2-2020 2 Leased over 1.6 million square feet of GLA at a 20%+ spread to prior rents 3 NAV per Unit increased 17% year-over-year to $13.69, from $11.75 at Q2-2020 4 Diluted FFO per Unit incre
Slide 6: Our Company
Dream Industrial REIT 6 Our Company Global Acquisition Selective Conservative Financial Asset Management Platform Capital Recycling Policy Local on the ground teams with Selective recycling program and Drive organic NOI and NAV Maintain conservative leverage, a strong track record of sourcing redepl
Slide 7: Focused Portfolio Strategy
Dream Industrial REIT 7 Focused Portfolio Strategy Canada Europe U.S. Target Markets Greater Toronto Germany, Netherlands, France Strong markets across the U.S. Greater Montréal 1. Supply/demand imbalance 1. Growing e-commerce 1. Strong e-commerce demand Rationale 2. Strong rental growth 2. Supply/d
Slide 8: Modern, Functional & Well-located Assets
Dream Industrial REIT 8 Modern, Functional & Well-located Assets Vaughan, ON Oakville, ON Montréal, QC Whitby, ON Montréal, QC Waddinxveen, Netherlands Breda, Netherlands Dresden, Germany Arnhem, Netherlands Berlin, Germany Paris, France Ede, Netherlands Blois, France Lyon, France Rotterdam, Netherl
Slide 9: Focus on Urban & Distribution Assets
Dream Industrial REIT 9 Focus on Urban & Distribution Assets Distribution Urban Logistics Light Industrial 61% of IP Value1 28% of IP Value1 11% IP Value Europe, Europe, $234M, $92M, 17% 17% Canada, Canada, U.S.1, Europe, $566M, $21M, 2% $1,224M, $1,519M, 45% 42% 53% Canada, Canada, $1,069M, $454M,
Slide 10: Strong Balance Sheet with Ample Liquidity
Dream Industrial REIT 10 Strong Balance Sheet with Ample Liquidity Strong Balance Sheet1 Capital Structure1 Net Debt-to-Assets 20% ~35% Mortgages Unencumbered Assets 29% $2.9B Unsecured Debt 15% Equity Liquidity >$550M 68% 3% 65% Net Debt-to-EBITDA ~8x Robust balance sheet with superior tenant and p
Slide 11: Strong Commitment and Focus on ESG
Dream Industrial REIT 11 Strong Commitment and Focus on ESG Environmental — — — — — Solar panels - Including existing panels, Sustainable roofs - 7M SF of our Lighting upgrades – ~12M SF of interior Green cost recovery - we are Water Management - saved over 15M targeting over 50,000 solar panels por
Slide 12: Strong Outlook for FFO per Unit Growth
Dream Industrial REIT 12 Strong Outlook for FFO per Unit Growth Balancing portfolio high-grading and FFO per unit growth Robust FFO growth expected in 2021 $0.24 Sale of Atlantic 50% 43% Canada portfolio Mid single digit CP NOI growth expected for 2021 $0.21 40% $0.18 Over $1.8 billion of closed/con
Slide 13: Balanced Total Return Model
Dream Industrial REIT 13 Balanced Total Return Model Secure cash flows underpinned by Multiple drivers of cash flow and high quality portfolio and NAV growth investment grade balance sheet $5 billion globally diverse portfolio with significant scale in strong industrial markets + Healthy rental spre
Slide 14: Investment Highlights: Secure Cash Flow
14 Investment Highlights: Secure Cash Flow
Slide 15: E-commerce Demand Continuing to Accelerate
Dream Industrial REIT 15 E-commerce Demand Continuing to Accelerate Rising e-commerce penetration… …leading to increased demand for industrial space Canada United States Netherlands Germany France 20% Cumulative E-Commerce Growth Cumulative Net Absorption $500 574 MSF 600 E-commerce Penetration 15%
Slide 16: Urban Asset Portfolio Provides Strong Competitive Advantage
Dream Industrial REIT 16 Urban Asset Portfolio Provides Strong Competitive Advantage Strong Demand Steep Barriers to Entry Development Costs – Land costs and increased development activity have added to the difficulty of Location - Access to large population centres constructing within the city’s co
Slide 17: Resilient Portfolio Outperformed During Recent Market Disruption
Dream Industrial REIT 17 Resilient Portfolio Outperformed During Recent Market Disruption Solid rent collections Strong leasing momentum 100.0% 99.7% 99.6% 99.2% 3.7 million square feet of leasing completed in 2020 and 3.1 million square of Recurring Contractual Gross 90.0% feet of leasing completed
Slide 18: Broad Tenant Base Provides Diversified Rental Income
Dream Industrial REIT 18 Broad Tenant Base Provides Diversified Rental Income Use of Space by Annualized Gross Rent1 Industry Exposure by Annualized Gross Rent1 Other Cold Storage 7% Logistics Other* 20% 2% Office 24% 5% Paper, Printing, Food and Light Industrial and Packaging Beverage 19% 5% 15% Di
Slide 19: Well-Diversified by Tenant Size
Dream Industrial REIT 19 Well-Diversified by Tenant Size Tenant Size Breakdown By Annualized Gross Rent1 Tenant Size Breakdown By # Of Tenants1 50,000-100,000 sq. ft. >100,000 sq. ft. 67 tenants 77 tenants <15,000 sq. ft. 21% >100,000 sq. ft. 15,000-50,000 sq. ft. 44% 178 tenants 15,000-50,000 sq. f
Slide 20: Top Tenants Consist of Renowned Global Companies
Dream Industrial REIT 20 Top Tenants Consist of Renowned Global Companies Top 10 tenants by gross revenue1 Industry Use of Space Auchan, a privately owned French international retail group, is one of the largest Food and Distribution & grocery chains in France with €32B in annual revenues, and the 1
Slide 21: Balanced Lease Maturity Profile
Dream Industrial REIT 21 Balanced Lease Maturity Profile Lease Maturity Profile1 100% Percentage of overall portfolio of GLA 80% 60% 85.1% 86.3% 89.2% 89.5% 97.5% 40% 20% 14.9% 13.7% 10.8% 10.5% 2.5% 0% 2021 2022 2023 2024 2025 Expiries – Canada Expiries – U.S. Expiries – Europe Committed GLA WALT o
Slide 22: Consistently High Occupancy
Dream Industrial REIT 22 Consistently High Occupancy Committed Occupancy Retention Ratio 100% 100% 97% 97% 98% 96% 96% 96% 95% 95% 96% 96% 80% 80% 80% 78% 78% 76% Committed Occupancy 73% 74% 70% 71% Retention Ratio 67% 63% 60% 60% 40% 40% 20% 20% 2012 2013 2014 2015 2016 2017 2018 2019 2020 Q2-2021
Slide 23: Conservative Financial Policy
Dream Industrial REIT 23 Conservative Financial Policy 1 Maintain overall leverage in the mid-to-high 30s 2 Maintain investment grade credit rating and pursue unsecured financings 3 Maintain secured debt below 20% of total assets 4 Maintain unencumbered asset pool above 40% of IP Value 5 Staggered a
Slide 24: Strong and Flexible Balance Sheet
Dream Industrial REIT 24 Strong and Flexible Balance Sheet Focused de-leveraging improved financial flexibility Shift to unsecured financing model significantly increased unencumbered asset pool Unencumbered asset pool % of total assets Net Debt To Assets Net Debt To Adjusted EBITDAFV 8.6x $3B 60% 8
Slide 25: Investment Highlights: Multiple Growth Drivers
25 Investment Highlights: Multiple Growth Drivers
Slide 26: Robust Leasing Momentum
Dream Industrial REIT 26 Robust Leasing Momentum ✓ Signed 1.6 million square feet square feet of leases since Q1-2021, and 3.1 million square feet of leases YTD ✓ Achieved 20%+ spread with annual contractual rent growth of ~2% ✓ In-place occupancy increased 170 basis points to 97.4% at Q2-2021, with
Slide 27: Active Asset Management Case Studies
Dream Industrial REIT 27 Active Asset Management Case Studies 6701 Financial Drive, Mississauga, ON 1313 Autoroute Chomedey, Laval, QC Laval distribution facility vacated by Spectra Premium Industries Inc. at Acquired class A distribution facility in the GTA in Q3-2020 for $23.9M, start of 2021
Slide 28: Healthy Outlook for Internal Growth
Dream Industrial REIT 28 Healthy Outlook for Internal Growth In-place and committed base rent (psf) Estimated market rent (psf) $10.00 C$9.17 C$7.67 $7.50 € 4.51 € 4.84 $5.00 US$4.12 US$4.27 $2.50 $0.00 Canada Europe U.S. Market vs. +7.3% +3.6% In-place rent - % +19.6% Ann. contractual rent 1.5% 2.5
Slide 29: Continued Portfolio Growth
Dream Industrial REIT 29 Continued Portfolio Growth 31-Property Pan-European Logistics Portfolio 3055 Rue Anderson, Terrebonne (Montréal), QC 4 Eiffelstraße, Herbrechtingen, Ulm, Germany 1680 Vimont Court, Ottawa, ON Since Q1-2021, ~$1.5B assets closed across Canada, the U.S., and Europe, includin
Slide 30: Transformational Pan-European Portfolio Transaction
Dream Industrial REIT 30 Transformational Pan-European Portfolio Transaction 8.9M SF The transaction transforms Dream Industrial into a $5 billion global industrial REIT with an institutional quality portfolio and significantly 1.1M SF of development and expansion opportunity in France Total GLA enh
Slide 31: Development Strategy
Dream Industrial REIT 31 Development Strategy Redevelopment of existing Greenfield development Intensification of excess land properties Over 25 sites in Ontario, Quebec, Currently comprises a 24.5-acre site in Europe, and the U.S. with over 120 acres Las Vegas that can support a 460,000 SF of exces
Slide 32: Activating Development Pipeline – Greenfield
Dream Industrial REIT 32 Activating Development Pipeline – Greenfield Brampton East Lands, Range Road Project, Las Vegas Greater Toronto Area, ON 30-acre land parcel expected to support the 24.5-acre site located in North Las Vegas; site should development of ~550,000 square feet of prime logistics
Slide 33: Activating Development Pipeline – Intensification, Marie Curie Boulevard
Dream Industrial REIT 33 Activating Development Pipeline – Intensification 401 Marie Curie Boulevard, Greater Montréal Area 527,000 square foot Class A distribution facility in the Greater Montréal Area with a clear height of 30 feet Situated on 38.4 acres with current site coverage of 31% Current P
Slide 34: Activating Development Pipeline – Intensification, East Beaver Creek
Dream Industrial REIT 34 Activating Development Pipeline – Intensification 100 East Beaver Creek, Greater Toronto Area 110,000 square foot property located in the GTA, in close proximity to Highways 404 and 407 Expanding property by over 40,000 square feet; construction scheduled to start in Q3-2021
Slide 35: Opportunity to Reduce Cost of Capital and Further Improve Balance Sheet Quality
Dream Industrial REIT 35 Opportunity to Reduce Cost of Capital and Further Improve Balance Sheet Quality 1 Cross Currency Hedging Euro-equivalent debt hedges foreign currency exposure on Euro assets 2 Raised $800M of unsecured debt at an average all-in fixed interest rate of Capitalizing on Yield Sp
Slide 36: Transitioning Towards Materially Lower Cost of Debt
Dream Industrial REIT 36 Transitioning Towards Materially Lower Cost of Debt Q2 2017 Q2 20211 Conceptual Debt Mix2 15% 37% 46% 3.8% 1.5% <1% Weighted Avg. 54% Weighted Avg. 20% Weighted Avg. Interest Rate Interest Rate Interest Rate 65% 63% ` North American Debt Euro-equivalent Debt Equity European
Slide 37: Limited Cash Obligations Provides Significant Acquisition Capacity
Dream Industrial REIT 37 Limited Cash Obligations Provides Significant Acquisition Capacity $1,000 >$550M 1.1% Available liquidity 4.2 WAIR2 $705M $750 years WATM1 Millions CAD $495M $500 $489M ~35% Net debt-to-assets $274M $250 ~$300M $33M Acquisition Capacity $0 2021 2022 2023 2024 2025 2026+ Unse
Slide 38: Sustainability Highlights
38 Sustainability Highlights
Slide 39: ESG Strategy
Dream Industrial REIT 39 ESG Strategy “Our sustainability strategy enables us to establish meaningful and realistic benchmarks, measure our progress and integrate our environmental and social obligations into the ways we manage our business and create value.” Brian Pauls, Chief Executive Officer DIR
Slide 40: Green Property Operations
Dream Industrial REIT 40 Green Property Operations 1 Expand our tenant ESG engagement program 1 Native plant species, 1 Install reflective roofing with trees, beehives greater insulation 2 Collect and track data on energy and water use 2 Reduce water consumption 2 Evaluate feasibility of solar panel
Slide 41: Green Investment Strategy
Dream Industrial REIT 41 Green Investment Strategy Pursue the acquisition and development of Ensure that sustainable metrics are gathered buildings with green certifications. during due diligence. Incorporate sustainable expenditures into our Assess our potential to add impactful value underwriting
Slide 42: Capital Investments in Clean Power
Dream Industrial REIT 42 Capital Investments in Clean Power Netherlands Canada Up to 39,000 solar panels with 16,900 kW of Up to 8,000 solar panels with 3,500 kW of annual capacity annual capacity Including existing panels, targeting over 50,000 solar panels across 3.5 million SF in the near-term, r
Slide 43: Green Financing
Dream Industrial REIT 43 Green Financing Released Green Financing Framework in accordance with the UN Sustainability Development Goals Issued $400 million inaugural Green Bond, with proceeds expected to be allocated towards green buildings, energy efficiency, renewable energy, sustainable water and
Slide 44: Appendix I: Track Record
Appendix |: | Siz Track Record ,
Slide 45: Experienced Management Team
Dream Industrial REIT 45 Experienced Management Team Brian Pauls Alex Sannikov Lenis Quan Bruce Traversy CEO COO CFO SVP, Head of Investments Joe Iadeluca Victor Settino Sharlene McKillop Sjoerd Barmentloo SVP, Portfolio Management VP, Development VP, Property Management Director, Asset Management M
Slide 46: Strong Track Record of Disciplined Capital Allocation
Dream Industrial REIT 46 Strong Track Record of Disciplined Capital Allocation Since 2018, recycled over $280 million of non-core assets and acquired more than $3.3 billion of higher quality assets that are Increased NAV by 43% since year-end 2016 located in better markets with higher growth potenti
Slide 47: Solid Track Record of Asset Management and Investments
Dream Industrial REIT 47 Solid Track Record of Asset Management and Investments Strong leasing track record Robust acquisition platform 100% $5.5 85% 87% $5.0 4.2 80% 78% $5.0 71% 67% 75% $4.5 IP Value – Billions CAD 3.4 $4.0 Retention ratio Millions SF 50% $3.5 $3.2 2.6 $3.0 $2.4 25% $2.5 $2.1 1.8
Slide 48: Portfolio Transformation - Improving asset quality
Dream Industrial REIT 48 Portfolio Transformation - Improving asset quality 16M SF 12K SF 21.6 ft. 27K SF 28.0 ft. Avg. tenant Avg. clear 33M SF Avg. clear GLA GLA Avg. tenant size height height size YE 2016 Q2 20213 24% ABR1 6.7% 67% 47% ABR1 74% from Net rental from 5.4% Net rental Stabilized inco
Slide 49: Appendix II: Key Assets in Major Markets
49 Appendix II: Key Assets in Major Markets Utrecht, Netherlands
Slide 50: Urban Assets Toronto
Dream Industrial REIT 50 Urban Assets Toronto 410 427 400 401 409 404 403 Significant portfolio concentration in close proximity to the largest population centre in Canada $1,168M 319 98.2% 42 5.8M SF 5.0 yrs IP Value Acres Occupancy Assets GLA WALT
Slide 51: Urban Assets: Montréal
Dream Industrial REIT 51 Urban Assets: Montréal Attractive mix of large distribution facilities and strategically located urban logistics properties in a land- constrained market $677M 286 98.3% 30 4.9M SF 3.6 yrs IP Value Acres Occupancy Assets GLA WALT
Slide 52: Urban Assets: Calgary
Dream Industrial REIT 52 Urban Assets: Calgary Assets located in close proximity to Calgary city centre and major transportation corridors $402M 177 97.5% 21 3.2M SF 3.7 yrs IP Value Acres Occupancy Assets GLA WALT
Slide 53: Urban Assets: Netherlands
Dream Industrial REIT 53 Urban Assets: Netherlands Randstad Urban assets strategically located near dense population centres and well-suited for e- commerce tenants $740M 186 99.1% 44 5.1M SF 5.9 yrs IP Value Acres Occupancy Assets GLA WALT
Slide 54: Key Assets in the Greater Toronto Area
Dream Industrial REIT 54 Key Assets in the Greater Toronto Area Matheson Business Park, Mississauga 6581–6601 Kitimat Road, Mississauga $70M 306K SF 16 $72M 318K SF 17 IP Value GLA Acres IP Value GLA Acres 18 feet 98% 10 25 feet 93% 1 Clear height Occupancy Num. of buildings Clear height Occupancy N
Slide 55: Key Assets in the Greater Toronto Area
Dream Industrial REIT 55 Key Assets in the Greater Toronto Area South Service Road Assets, Oakville 2360 Cornwall Road, Oakville $47M 207K SF 12 $47M 200K SF 10 IP Value GLA Acres IP Value GLA Acres 23 feet 100% 3 28 feet 100% 1 Clear height Occupancy Num. of buildings Clear height Occupancy Num. of
Slide 56: Key Assets in the Greater Toronto Area
Dream Industrial REIT 56 Key Assets in the Greater Toronto Area 750 Creditstone & 121 Pippin Road, Vaughan 275 Wellington Street East, Aurora $74M 346K SF 18 $55M 317K SF 16 IP Value GLA Acres IP Value GLA Acres 24 feet 100% 2 27 feet 100% 1 Clear height Occupancy Num. of buildings Clear height Occu
Slide 57: Recent acquisitions in Greater Toronto Area
Dream Industrial REIT 57 Recent acquisitions in Greater Toronto Area 1602 Tricont Avenue, Whitby 6701 Financial Drive, Mississauga $45M 259K SF 19 $27M 116K SF 6 IP Value GLA Acres IP Value GLA Acres 35 feet 98% 1 30 feet 87% 1 Clear height Occupancy Num. of buildings Clear height Occupancy Num. of
Slide 58: Key Assets in the Greater Montréal Area
Dream Industrial REIT 58 Key Assets in the Greater Montréal Area Montréal Airport Lachine Cluster Laval Cluster $123M 796K SF 43 $115M 776K SF 40 IP Value GLA Acres IP Value GLA Acres 20 feet 99% 10 22 feet 99% 9 Clear height Occupancy Num. of buildings Clear height Occupancy Num. of buildings Locat
Slide 59: Key Assets in the Greater Montréal Area
Dream Industrial REIT 59 Key Assets in the Greater Montréal Area 1900 rue Dickson, Montréal 401 Marie Curie Boulevard, Montréal $35M 225K SF 17 $114M 525K SF 38 IP Value GLA Acres IP Value GLA Acres 26 feet 100% 1 30 feet 100% 1 Clear height Occupancy Num. of buildings Clear height Occupancy Num. of
Slide 60: Key Assets in Calgary
Dream Industrial REIT 60 Key Assets in Calgary Sunridge Business Park, Calgary Glenmore Business Park, Calgary $104M 597K SF 38 $98M 849K SF 46 IP Value GLA Acres IP Value GLA Acres 24 feet 99% 12 19 feet 93% 16 Clear height Occupancy Num. of buildings Clear height Occupancy Num. of buildings 12-bui
Slide 61: Key Assets in the Netherlands
Dream Industrial REIT 61 Key Assets in the Netherlands 2-20 Exportweg, Waddinxveen, Netherlands 5 Korendijk, Helmond, Netherlands $33M 169K SF 6 $53M 289K SF 10 IP Value GLA Acres IP Value GLA Acres 34 ft 100% 1 43 ft 100% 1 Clear height Occupancy Num. of buildings Clear height Occupancy Num. of bui
Slide 62: Key Assets in the Netherlands
Dream Industrial REIT 62 Key Assets in the Netherlands 4 Zoete Inval, Breda, Netherlands 4 Stevinlaan, Ede, Netherlands $29M 300K SF 10 $39M 191K SF 7 IP Value GLA Acres IP Value GLA Acres 43 ft 93% 1 36 ft 100% 1 Clear height Occupancy Num. of buildings Clear height Occupancy Num. of buildings Mode
Slide 63: Key Assets in Germany
Dream Industrial REIT 63 Key Assets in Germany 1 Christoph-Seydel-Straße, Radeberg, Germany 1-9 Siemensstraße, Eppertshausen, Greater Frankfurt Area, Germany $30M 274K SF 30 $34M 302K SF 12 IP Value GLA Acres IP Value GLA Acres 24 ft 98% 1 34 ft 93% 3 Clear height Occupancy Num. of buildings Clear h
Slide 64: Key Assets in Germany
Dream Industrial REIT 64 Key Assets in Germany 1 Emil-Lux-Straße, Wermelskirchen, Germany 40 Talweg, Offenau, Germany $66M 435K SF 19 $28M 182K SF 8 IP Value GLA Acres IP Value GLA Acres 32 ft 100% 1 26 ft 100% 1 Clear height Occupancy Num. of buildings Clear height Occupancy Num. of buildings Locat
Slide 65: Key Assets in France
Dream Industrial REIT 65 Key Assets in France Parc des Béliers – 62117, Brebières, France 131 Av de Vidauque, Cavaillon, France $122M 809K SF 57 $48M 328K SF 15 IP Value GLA Acres IP Value GLA Acres 39 ft 100% 1 32 ft 100% 1 Clear height Occupancy Num. of buildings Clear height Occupancy Num. of bui
Slide 66: Key Assets in Spain
Dream Industrial REIT 66 Key Assets in Spain 10 B-2, Carrer d'Europa, Constanti, Tarragona, Spain 2 Avenida Gran Europa, Torija, Guadalajara, Spain $33M 279K SF 8 $19M 273K SF 10 IP Value GLA Acres IP Value GLA Acres 33 ft 100% 1 38 ft 100% 1 Clear height Occupancy Num. of buildings Clear height Occ
Slide 67: Appendix III: Market Fundamentals
67 Appendix III: Market Fundamentals Utrecht, Netherlands
Slide 68: Canadian Market Fundamentals
Dream Industrial REIT 68 Canadian Market Fundamentals 35 Millions SF $12.00 6.0% 30 $10.00 5.0% 25 $8.00 4.0% 20 $6.00 3.0% 15 $4.00 2.0% 10 5 $2.00 1.0% 0 $0.00 0.0% 2014 2015 2016 2017 2018 2019 2020 Q2-2021 2014 2015 2016 2017 2018 2019 2020 Q2-2021 New Supply Absorption Market Rent (Left) Availi
Slide 69: Fundamentals in our Target Canadian Markets
Dream Industrial REIT 69 Fundamentals in our Target Canadian Markets $11.50 4% $8.50 9% $8.00 8% $10.50 3% 7% $7.50 $9.50 6% $7.00 5% $8.50 2% $6.50 4% $7.50 3% 1% $6.00 2% $6.50 $5.50 1% $5.50 0% $5.00 0% Q2-2016 Q3-2016 Q4-2016 Q1-2017 Q2-2017 Q3-2017 Q4-2017 Q1-2018 Q2-2018 Q3-2018 Q4-2018 Q1-201
Slide 70: European Market Fundamentals: Germany and The Netherlands
Dream Industrial REIT 70 European Market Fundamentals Germany The Netherlands Fourth largest occupier market in Europe which has a strong Supported by the world’s fourth largest economy, Germany and mature logistics sector is Europe’s leading logistics market Many key logistic hubs have expand
Slide 71: European Market Fundamentals: France and Spain
Dream Industrial REIT 71 European Market Fundamentals France Spain Until 2020, consistently the second largest and one of the Substantial growth in terms of both take-up and stock since most mature logistics occupier markets in Europe 2016 due to the modernization and restructuring of supply cha
Slide 72: Thank you
72 Thank you Utrecht, Netherlands
Slide 73: Forward Looking Information Non-GAAP Measures
73 Forward Looking Information This investor presentation may contain forward-looking information within the meaning of applicable securities legislation, including statements regarding the Trust’s objectives and strategies to achieve those objectives; the Trust’s expectations relating to the benefi
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