Dream Industrial Real Estate Investment Trust · TSX:DIR.UN
Dream Industrial Real Estate Investment Trust — Investor Day (October 2024)
84 slides from Dream Industrial Real Estate Investment Trust's investor day presentation, October 2024
Slide 1: 2024 Investor Day
2024 Investor Day October 2024 1
Slide 2: Overview
Overview XXX 2
Slide 3: Agenda
Agenda 01 Market Overview with Peter Senst Fireside Chat with Michael Cooper & Peter Senst 02 Dream Industrial REIT Overview 03 GTA Market Overview with Colliers 04 Investment Market Trends 05 Investment Strategy 06 Growth Drivers 07 Platform 08 Financial Overview 09 Q&A 3
Slide 4: Market Overview with Peter Senst
Market Overview with Peter Senst Peter Senst President Canadian Capital Markets, CBRE 4
Slide 5: Fireside Chat
Fireside Chat MICHAEL COOPER & PETER SENST 5
Slide 6: Fireside Chat with Michael Cooper and Peter Senst
Fireside Chat with Michael Cooper and Peter Senst Michael Cooper Peter Senst Founder, Dream Group of President Canadian Capital Companies Markets, CBRE 6
Slide 7: Investor Day 2024
a ~ 2 "Investor oar 2024 ‘ Athlete
Slide 8: Dream Industrial REIT Overview
02 Dream Industrial REIT Overview 8
Slide 9: Our Industrial Platform
Dream Industrial REIT Our Industrial Platform One of the Largest Industrial Platforms in Canada $8B Dream Industrial Balance Sheet + $7B Private Partnerships = $15B Industrial Platform 72M sf owned and managed 1 10% Interest in $4.3B/20M sf $2.4B/17M sf $6.4B/25M sf of wholly-owned assets in of whol
Slide 10: Evolution of the Platform
Dream Industrial REIT Evolution of the Platform European Expansion Formation of GTA Land JV DIR begins its expansion into the Establishment of a $1.5 billion GTA European light industrial and Land JV with a global institutional logistics market investor Acquisition of Acquisition of Summit Industria
Slide 11: Senior Management Team
Senior Management Team Alex Sannikov Lenis Quan Bruce Traversy Kimberley Hill Dan Fletcher President & CEO CFO CIO SVP, Customer Solutions SVP, Portfolio Management Joe Iadeluca Matthew Virgini Andrew Cunningham Shane Henke Sjoerd Barmentloo SVP, Portfolio Management, VP, Portfolio Management, VP, P
Slide 12: Organic Growth Drives CP NOI Growth
Growth Drivers Organic Growth Drives CP NOI Growth 15.0% 0.4% 10.0% 1.5% 2.7% 1.4% 0.8% 5.0% 5.0% 5.0% 5.6% 6.8% 4.5% 6.0% 8.5% 8.5% 10.2% 11.8% 10.3% 9.2% 0.0% -1.2% -2.1% -2.4% -0.1% -2.9% -5.0% Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Change in in-place base rent Change in weig
Slide 13: Organic Growth Drives FFO per Unit
Growth Drivers Organic Growth Drives FFO per Unit +8% $0.30 FFO per unit1 CAGR 50% $0.25 $0.25 $0.25 $0.25 40% $0.24 $0.24 $0.23 $0.20 $0.22 $0.22 $0.22 36.0% 36.0% 30% $0.10 20% Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q2-24 Q2-24 Diluted FFO per unit1 Average net to total debt-to-total asse
Slide 14: Portfolio Overview
Dream Industrial REIT Portfolio Overview Ontario U.S. 13% 9.7M sf Greater Toronto Area 23% 16.6M sf Kitchener, Waterloo, Cambridge & Hamilton 6% 4.2M sf Southwest & Other Ontario Europe 2% Netherlands 10% 7.2M sf 72 Million 1.6M sf France 5% owned and managed sf1 Quebec 3.5M sf Greater Montreal Area
Slide 15: GTA Market Overview with Colliers
03 GTA Market Overview with Colliers 15
Slide 16: Market Overview
Market Overview Graham Meader Colin Alves Vice Chairman, Colliers Vice Chairman, Colliers 16
Slide 17: Investment Market Trends
04 Investment Market Trends 17
Slide 18: Investment Market Trends: Canada
Investment Market Trends Canada 18
Slide 19: High Barriers to Entry Keep Canadian Industrial Supply in Check
Investment Market Trends - Canada High Barriers to Entry Keep Canadian Industrial Supply in Check New supply in Canada has been moderate compared to major U.S. markets, especially in the context of strong population growth Market inventory growth Industrial inventory per capita (2019 – 2024) (2019-
Slide 20: Long-term Absorption Trends Underscore Stable Fundamentals
Investment Market Trends - Canada Long-term Absorption Trends Underscore Stable Fundamentals Long-term pre-pandemic absorption trends significantly higher than current levels in Toronto and Montreal. Calgary has been seeing an uptick in absorption levels since 2020. 12.8 10.0 6.3 3.8 3.9 2.7 1.8 -2.
Slide 21: Long-term Absorption Trends Underscore Stable Fundamentals
Investment Market Trends - Canada Long-term Absorption Trends Underscore Stable Fundamentals Excluding sub-lease activity, net absorption was positive over the past 18 months 12.8 10.0 6.3 3.8 3.9 3.7 0.7 1.8 -1.4 2014 - 2019 2020-2022 2023- 2024 Annual Average Net Absorption Annual Average Net Abso
Slide 22: Urban Mid-Bay Assets Remain Resilient
Investment Market Trends - Canada Urban Mid-Bay Assets Remain Resilient In the GTA, 70% of the current availabilities (direct and sub-lease) by GLA are in units greater than 100K SF 300-500K SF 500K SF+ 3.5M SF 5.0M SF Small-to- 0-100K SF 100-300K SF 10.8M SF mid Bay 13.0M SF *Source: Colliers 22
Slide 23: Urban Mid-Bay Assets Remain Resilient
Investment Market Trends - Canada Urban Mid-Bay Assets Remain Resilient In the GTA, 70% of the current availabilities (direct and sub-lease) by GLA are in units greater than 100K SF New Lease $19.50 3.5% steps 98,000 sf 300-500K 500K SF+, SF, 3.5M SF 5.0M SF New Lease $18.50 Small-to- 3.75% steps 0-
Slide 24: Key Observations
Investment Market Trends - Canada Key Observations Global institutions looking to invest in Canada with a focus on the GTA. Approximately $2B in acquisitions Global Capital focused completed over the past year or in on the GTA advanced stages. Looking to recycle profits from other asset classes into
Slide 25: Investment Market Trends: Europe
Investment Market Trends Europe 25
Slide 26: Leasing Velocity is Stable with Solid Rental Growth
Investment Market Trends - Europe Leasing Velocity is Stable with Solid Rental Growth H1-2024 take-up volumes in major European markets at ~5% above pre-pandemic (2015- 2019) average*, prime rents continue to grow in major European markets with ~5% YoY growth in H1-2024** Stable leasing velocity Ste
Slide 27: Urban Logistics vs. Big Box Rent Growth
Investment Market Trends - Europe Urban Logistics vs. Big Box Rent Growth Urban industrial rent growth has significantly outpaced the overall logistics market, and we expect this trend to continue Cumulative rent growth across major European markets (2015 – 2024) 158.0 158.0 144.0 144.0 Q4 2015 Q2 2
Slide 28: Key Observations
Investment Market Trends - Europe Key Observations Increasing M&A activity in Europe for industrial/logistics with over €2B of volume in 2024 so far. Portfolio transaction activity picking up with increasingly larger volume offerings M&A activity being made available on- or off-market. €12B of bond
Slide 29: Investment Strategy
05 Investment Strategy 29
Slide 30: Focus on Urban Industrial
Investment Strategy Focus on Urban Industrial Urban/Last Mile Logistics What is Urban IOS (Industrial Outside Storage) Industrial? Light Industrial Well-located in urban Suitable for warehousing, May service a network of centres or nearby light assembly and delivery last mile facilities and highway
Slide 31: 1100 Courtneypark East
Urban Industrial Case Study 1100 Courtneypark East “The Ultimate Urban Industrial Asset” HEATING SPRINKLERS Electrified Heating BAY SIZE ESFR 54’ X 36’ ENERGY EFFICIENCY Net Zero Certified LIGHTING Solar Ready Roof Led Motion Sensors Targeting LEED Gold INSULATION Upgraded R-Rating CLEAR HEIGHT 40’
Slide 32: 1100 Courtneypark East
Urban Industrial Case Study 1100 Courtneypark East Perfectly located near multiple major transportation corridors Driving Distance Highway 401 3 min Highway 410 1 min Highway 407 4 min Highway 403 3 min Highway 427 10 min Highway 409 14 min Toronto Pearson 5 min CSBA Customs 4 min 32
Slide 33: 1100 Courtneypark East
Urban Industrial Case Study 1100 Courtneypark East Strong transit linkages Transit Information 57 53 51 42 18 5 108 Terminal Information Terminal 1 – 5km Terminal 3 – 4km GO Train/Bus GO Transit ticket office – 6km GO Bus station with carpool – 3km 33
Slide 34: 1100 Courtneypark East
Urban Industrial Case Study 1100 Courtneypark East Central to both markets and labour Total Population 729,815 Total Labour Force 421,223 Avg. Household Income $83,018 34
Slide 35: 1100 Courtneypark East
Urban Industrial Case Study 1100 Courtneypark East “The Ultimate Urban Industrial Asset” Fully leased $21 psf premium starting net rent $1 psf ancillary revenue 4% annual contractual rent growth 6.6% unlevered YoC achieved 35
Slide 36: Urban Industrial Portfolio – Greater Toronto Area
Investment Strategy Urban Industrial Portfolio – Greater Toronto Area* 8.6M sf 100 Assets 3.8y WALT1 54% MTM2 *Figures as at June 30, 2024. Represents subset of wholly-owned portfolio that is classified as urban industrial 1 Represents weighted average lease term 2 Represents rent mark-to-market, wh
Slide 37: Urban Industrial Portfolio – Greater Montreal Area
Investment Strategy Urban Industrial Portfolio – Greater Montreal Area* 5.9M sf 46 Assets 4.4y WALT1 54% MTM2 *Figures as at June 30, 2024. Represents subset of wholly-owned portfolio that is classified as urban industrial 1 Represents weighted average lease term 2 Represents rent mark-to-market, wh
Slide 38: Urban Industrial Portfolio – Calgary
Investment Strategy Urban Industrial Portfolio – Calgary* 3.5M sf 57 Assets 3.8y WALT1 10% MTM2 *Figures as at June 30, 2024. Represents subset of wholly-owned portfolio that is classified as urban industrial 1 Represents weighted average lease term 2 Represents rent mark-to-market, which is calcula
Slide 39: Urban Industrial Portfolio – Western Europe
Investment Strategy Urban Industrial Portfolio – Western Europe* 10.7M sf 76 Assets 4.7y WALT1 9% MTM2 *Figures as at June 30, 2024. Represents subset of wholly-owned portfolio that is classified as urban industrial 1 Represents weighted average lease term 2 Represents rent mark-to-market, which is
Slide 40: Alternative Uses
Investment Strategy Alternative Uses Temperature Controlled Data Centres Facilities 30+ sites shortlisted and ~2M SF of existing assets with undergoing feasibility significant conversion and build- to-suit opportunities Mixed-use Intensification Self Storage 6 sites identified for rezoning with 5 si
Slide 41: Data Centres | Focus Areas
Investment Strategy Data Centres | Focus Areas Focus on enhancing power at the existing sites provides significant optionality with data centres or alternate industrial uses, with limited downside Turnkey Fit-out Powered Land Powered Shell Data Centre Basic structure with Land with access to Fully b
Slide 42: Significant Power Potential Under Feasibility Review
Investment Strategy Significant Power Potential Under Feasibility Review 30+ sites selected for feasibility review Anticipated power potential at these sites expected to accommodate modern hyperscale and AI-driven load requirements Shortlisted Markets 20 FRANKFURT 10+ sites DUSSELDORF sites AMSTERDA
Slide 43: Featured Potential Sites in the Greater Toronto Area
Investment Strategy Featured Potential Sites in the Greater Toronto Area Sites undergoing feasibility located in close proximity to existing power/fiber infrastructure Existing Data Centres DIR Assets Under Feasibility Review *Source: www.DataCenterMap.com, DIR Estimates 43
Slide 44: Illustrative Returns
Investment Strategy Illustrative Returns Progressive value creation potential from industrial to powered shell Sample Asset in Etobicoke, Central GTA Industrial Site • Highly functional urban industrial cluster of two Powered Land adjacent assets • Located 400m away from an existing data OR centre l
Slide 45: Growth Drivers
06 Growth Drivers 45
Slide 46: Strategy Focused on Multiple Drivers of Growth
Growth Drivers Strategy Focused on Multiple Drivers of Growth Urban Portfolio with Development and Ancillary Revenue Private Capital Embedded Upside Intensification Partnerships Embedded Near-term Solar Scalable mark-to-market development revenue model potential pipeline EV charging Property Excess
Slide 47: Urban Portfolio | Organic Growth
Growth Drivers Urban Portfolio | Organic Growth Mark-to-market rent opportunities embedded within portfolio Strong mark-to-market potential Healthy spreads over prior rents Canada Europe Maturing GLA (in millions sf) 2024 1.1 0.2 2025 2.7 1.6 Average spread of $4.34 psf on 2026 3.3 2.9 2.4 million s
Slide 48: Urban Portfolio | Organic Growth
Growth Drivers Urban Portfolio | Organic Growth Contractual rent escalations Canada Europe Occupied GLA (sf)1 18.9M 16.6M In-Place Net Rent psf1 $9.92 €5.59 Annualized Rental Income3 $187.5M $137.3M2 In our European portfolio, approximately Average annual contractual rent growth is 85% of leases are
Slide 49: Urban Portfolio | Organic Growth
Growth Drivers Urban Portfolio | Organic Growth Consistently strong occupancy and retention 100% 97% 97% 98% 99% 95% 95% 96% 96% 96% 95% 80% 80% 78% 76% 79% 74% 74% 74% 73% 71% 63% 60% 40% 20% 2015 2016 2017 2018 2019 2020 2021 2022 2023 H1 2024 Committed Occupancy Retention Ratio 49
Slide 50: Urban Portfolio | Organic Growth
Growth Drivers Urban Portfolio | Organic Growth Occupancy reverting to mean Western Ontario Quebec Europe Canada Occupancy Rate1 95.4% 94.0% 95.4% 95.6% Vacant GLA (sf)2 0.4M 0.4M 0.2M 0.8M Market Rent psf2 $16.38M $14.25M $9.63M €6.03M Annualized NOI Potential3 $6.8M $5.2M $2.1M $6.9M NOI Margin4 8
Slide 51: Development | Completed
Growth Drivers Development | Completed Completed projects expected to contribute on a run rate basis d % Lease 100 6 0.7M $110M 7.6% $8M Q2-24 Completed Projects sf Total Cost Realized YoC Annualized NOI Leased 60% Substantially 4 0.8M $198M 6.4% $11M Projects sf Total Cost Target YoC NOI potential
Slide 52: Development | Projects Underway
Growth Drivers Development | Projects Underway Significant projects scheduled for completion in 2025 and 2026 Near-Term 3 1.2M $251M 6.7% $16M Projects sf Total Cost Target YoC NOI potential Pipeline Balzac, Calgary Water Street, GTA *Figures as at June 30, 2024 52
Slide 53: Development | Medium to Long-Term Pipeline
Growth Drivers Development | Medium to Long-Term Pipeline Embedded upside from existing land bank focusing on mid-bay assets 3M+ 180 8%+ $20-30M Medium to Long- sf Acres Target YoC* NOI potential** Term Pipeline Bodegraven, Netherlands Breda, Netherlands *On incremental capital **On 2 to 3 million s
Slide 54: Development | NOI Potential
Growth Drivers Development | NOI Potential Focused development strategy adds high-quality logistics space $47 to $57M of incremental NOI potential from future development pipeline $20M - $30M $47M - $57M $16M $27M $11M Substantially Projects Underway Total Near-Term Excess Land Total Pipeline Comple
Slide 55: Ancillary Revenue Sources
Growth Drivers Ancillary Revenue Sources Solar EV Charging Cell Towers Capital investments in Pilot complete for onsite 50+ sites undergoing clean power across EV chargers for feasibility review for a Canada and Europe. passenger vehicles and potential JV with an 18 completed projects last mile flee
Slide 56: Solar | Revenue Model
Growth Drivers Solar | Revenue Model Canada Netherlands Tenants buy all the solar electricity We sell power to the grid at a generated by Dream Industrial at subsidized minimum rate guaranteed rate with escalations Solar will partially meet the tenant’s electricity needs; any power shortfall will be
Slide 57: Solar | Completed Projects
Growth Drivers Solar | Completed Projects 22 $25M 11%+ Projects substantially complete and Cost of projects completed and Yield on cost of completed projects under management underway 38,000 17 MW 5 MW System capacity of completed System capacity under Solar panels installed globally projects constr
Slide 58: Solar | Medium-Term Pipeline
Growth Drivers Solar | Medium-Term Pipeline Potential to generate $20M of NOI $200M+ 150 MW+ 8% - 10% total investment potential targeted YoC Adding Scale in Existing Markets Alberta Netherlands Expanding into New Markets Ontario Germany France Spain Picture Tech Park, NL Calgary, AB Bleiswijk, NL *
Slide 59: Private Capital Partnerships
Growth Drivers Private Capital Partnerships 4 30M SF $8B $540 million Partnerships GLA IP Value of acquisitions over the past 12 months Dream Summit Joint Venture U.S. Industrial Fund JV between Dream Industrial REIT and GIC which The fund’s strategy is to invest in high-quality core, acquired Summi
Slide 60: Private Capital Partnerships
Growth Drivers Private Capital Partnerships Highly scalable revenue model $0 $10M+ 20201 Q2 2024 Run Rate1 Property management revenue is driven by organic revenue growth and partnerships scale Leasing revenue is directly correlated to market rents achieved on transacted leases Construction manageme
Slide 61: Platform
07 Platform 61
Slide 62: One of the Largest Industrial Platforms in Canada
Platform One of the Largest Industrial Platforms in Canada 407 Buildings** 45 million sf Income producing assets 45 million sf Income producing assets 3,000 acres of land*** CALGARY 10M sf EDMONTON development potential REGINA MONTREAL (including 6M sf underway) OTTAWA VANCOUVER * TORONTO LONDON *Cu
Slide 63: Major Customers
Platform Major Customers Multinational Occupiers Multi-location Occupiers 25+ million sf 75+ tenants occupied by multinational operating across multiple and/or multi-location users locations 63
Slide 64: Customer Solutions
Platform Customer Solutions Occupier focused program Standardized pre-negotiated lease documentation Geographic reach and scale Customized sustainability solutions Renewable energy solutions Build-to-suit and expansion opportunities Program designed to drive tenant retention and open development and
Slide 65: Full-Service, In-House Platform
Platform Full-Service, In-House Platform Dedicated industrial team with over 150 professionals across multiple disciplines National Kimberley Hill Dan Fletcher Brad Keast Customer Solutions Asset Management Development Ontario Quebec Western Canada Europe Local Markets Andrew Cunningham Matthew Virg
Slide 66: Financial Overview
08 Financial Overview 66
Slide 67: Strong and Flexible Balance Sheet
Financial Overview Strong and Flexible Balance Sheet Robust balance sheet with ample liquidity1 Unsecured Debt 30% $750M+ Available Mortgages Liquidity2,3 6% Equity 64% 35.9% 8.1x 5.4x BBB $5.7B Net Total Debt-to-Total Net Total Debt-to- Interest (mid) Unencumbered Assets (Net of Cash and Normalized
Slide 68: Back to the Question
Back to the Question Can this growth continue over the next few years as DIR refinances $1.3 billion of debt maturing in 2025 and 2026? 68
Slide 69: Diversified Funding Sources
Financial Overview Diversified Funding Sources Investment grade balance sheet allows for various funding options EUR CAD Secured mortgages Unsecured debentures * Term loans ** U.S. private placements ** Revolving credit facility * via cross-currency interest rate swaps ** via direct euro-denominated
Slide 70: Staggered Debt Maturity Profile
Financial Overview Staggered Debt Maturity Profile Well-positioned to address upcoming debt maturities $1.3B 0.81% debt maturing WAIR1 on debt maturing through end of 2026 through end of 2026 5 0 2 .6 0 % $450M 2.04% 4 5 0 4 0 2 .1 0 % 3 5 0 $342M 3 0 1 .6 0 % 2 5 0 $250M 1.05% $200M 2 0 1 .1 0 % 0.
Slide 71: Declining Marginal Cost of Debt
Financial Overview Declining Marginal Cost of Debt Current marginal cost of 5-year debt: 3.9% in Euro and 4.3% in Cad EUR 1, 2 CAD 1 5.8% 6.8% 5.4% 6.5% 6.5% 5.2% 6.3% 4.9% 4.6% 4.2% ~130 5.1% ~200 3.9% bps bps 4.3% 4.6% 3.5% 5.1% 4.3% 3.9% 4.0% 4.6% 3.5% 4.2% 3.2% 3.8% 3Y 5Y 7Y 10Y 3Y 5Y 7Y 10Y Q3
Slide 72: Declining Marginal Cost of Debt
Financial Overview Declining Marginal Cost of Debt Current marginal cost of 5-year debt: 3.9% in Euro and 4.3% in Cad EUR 1, 2 CAD 1 5.8% 6.8% 5.4% 6.5% 6.5% 5.2% 6.3% 4.9% 4.6% 4.2% ~130 5.1% ~200 3.9% bps bps 4.3% 4.6% 5.1% 3.5% 3.75% 3.9% 4.0% 4.3% Marginal cost of 4.6% debt 3.5% 4.2% 3.2% 3.8% 3
Slide 73: By the end of 2026…
Financial Overview By the end of 2026… We expect incremental NOI to outpace the incremental interest expense - $1.3 billion euro-denominated debt to be refinanced, assume 3.75% current marginal cost of debt + Significant mark-to-market rent upside to be realized on lease rollovers + Embedded contrac
Slide 74: Incremental NOI Potential vs Interest Expense
Financial Overview Incremental NOI Potential vs Interest Expense1 Annualized as at the end of 2026 $5M potential NOI: adding scale to solar program $23M incremental NOI: stabilized projects in $1.3B of rolling near-term development pipeline, excluding project debt refinanced at in planning and exces
Slide 75: Steady and Well-Covered Distributions
Financial Overview Steady and Well-Covered Distributions Execution on core strategic pillars have transformed our portfolio and achieved a solid pace of FFO growth $0.98 $1.00 $0.81 $0.89 86% 79% 71% 70% 2021 2022 2023 Q2-24 Annualized FFO per unit 1 FFO payout ratio 1 Growing retained free cash flo
Slide 76: Capital Recycling
Financial Overview Capital Recycling $100 million of dispositions completed or in negotiations to date in 2024 Non-Strategic Assets Opportunistic User Sales Non-Strategic Assets Opportunistic User Sales → Located in non-core markets → Unique to urban industrial class → Mark-to-market rent opportunit
Slide 77: Capital Allocation Opportunities
Financial Overview Capital Allocation Opportunities Active Development $100M by the end of 10%+ unlevered yields on Projects 2025 incremental capital Future Intensifications $100M+ over near to 8%+ unlevered yields on & Solar Program medium term incremental capital $55M co-invested 15%+ total return
Slide 78: Total Return Model
Financial Overview Total Return Model Focus on growth and reinvestment of retained cash flow Well covered with current FFO payout Monthly distribution ratio of 70% + Reinvest into accretive initiatives to drive Growth in retained cash flow cash flow and NAV growth + Enhancing return on capital and N
Slide 79: Key Takeaways
+ Supportive industrial fundamentals + Improving investment market sentiment + Multiple growth drivers within DIR business + Higher and better uses + Platform with significant scale + Opportunities for strategic partnerships with occupiers + Strong and flexible balance sheet + Robust opportunity set
Slide 80: Q&A
Q&A 80
Slide 81: Forward Looking Information
Forward Looking Information This investor presentation may contain forward-looking information within the meaning of applicable securities legislation. Such statements include, but are not limited to, statements with respect to the objectives of Dream Industrial Real Estate Investment Trust (the “RE
Slide 82: Forward Looking Information
Forward Looking Information Although the forward-looking statements contained in this investor presentation are based on what we believe are reasonable assumptions, there can be no assurance that actual results will be consistent with these forward-looking statements. Assumptions are based on inform
Slide 83: Non-GAAP Financial Measures, Ratios and Supplementary Financial Measures
Non-GAAP Financial Measures, Ratios and Supplementary Financial Measures The Trust’s consolidated financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”). In this investor presentation, as a complement to results provided in accordance with IFRS, the
Slide 84: Thank you
Thank you 84
Dream Industrial Real Estate Investment Trust — Investor Day (October 2024) on 6ix