Portfolio
Overview
Dream Industrial REIT is an unincorporated, open-ended real estate investment trust. As at March 31, 2024, Dream Industrial REIT owns, manages and operates a portfolio of 330 industrial assets totalling approximately 71.8 million square feet of gross leasable area in key markets across Canada, Europe, and the U.S. Dream Industrial REIT’s goal is to deliver strong total returns to its unitholders through secure distributions as well as growth in net asset value and cash flow per unit underpinned by its high-quality portfolio and an investment grade balance sheet.
Modern, Functional and Well Located Assets
Whitby, ON
Waddinxveen, Netherlands
Orlando, FL
Oakville, ON
Ede, Netherlands
Caledon, ON
Montréal, QC
Breda, Netherlands
Montréal, QC
Montréal, QC
Vaughan, ON
Frankfurt, Germany
Heerenveen, Netherlands
Richmond Hill, ON
Dresden, Germany
Our assets by building type across our regions, our portfolio consists of distribution, urban logistics and light industrial buildings.
As at December 31, 2022, our investment property value by building type allocated by region is as follows (all dollar amounts in these charts are presented in millions)*
Distribution Buildings
Highly functional big-bay buildings located in close proximity to airports and major transportation corridors, catering to e-commerce and logistics tenants.rn
Urban Logistics
Small to mid bay properties located close to major population centres and ideally suited to meet last mile distribution needs.
Light Industrial
Mid to large bay assets where tenants have typically invested significant amounts capital and are committed to the space.
Geographically Diverse Portfolio $6.7B Total Investment Properties Value
Canada$4.2B 64% of investment properties value
Exceptionally well-located urban portfolio located mostly in the Greater Toronto Area, Greater Montreal Area, and Calgary
Europe $2.4B 36% of investment properties value
Urban portfolio located close to dense population centres, primarily in the Randstad region within the Netherlands, Germany, and France.
U.S.25% interest in a US$1.1B private industrial fund
In the U.S., our strategy is to continue pursuing long-term growth alongside strong institutional partners through our retained ~25% interest in the U.S. Fund. A subsidiary of the Trust will provide property management, construction management and leasing services to the Fund at market rates. This is expected to provide a growing income stream to the Trust as the U.S. Fund scales in attractive U.S. industrial markets. This transaction allows the Trust to continue to grow in attractive U.S. industrial markets, improving overall portfolio quality and diversification, while maintaining an enhanced geographic mix.
Focused portfolio strategy
In Canada, our strategy is to acquire mid-to-large-bay properties primarily in the Greater Toronto Area and the Greater Montréal Area where we expect to benefit from increased user demand relative to supply of quality industrial product, and where in-place rental rates are generally below market rental rates and the outlook for rental rate growth is robust. The Trust is also targeting to increase scale in our existing sub-markets and add to our large urban logistics clusters.
In Europe, our goal is to acquire mid-to-large-bay properties in major Western European markets. Across these markets, there is growing demand for urban logistics space, increased user demand relative to supply of quality industrial product, attractive going-in capitalization rates and upside potential from growth in market rents.
In the U.S., our strategy is to continue pursuing long-term growth alongside strong institutional partners through our retained 25% interest in the U.S. Fund. A subsidiary of the Trust will provide property management, construction management and leasing services to the Fund at market rates. This is expected to provide a growing income stream to the Trust as the U.S. Fund scales in attractive U.S. industrial markets. This transaction allows the Trust to continue to grow in attractive U.S. industrial markets, improving overall portfolio quality and diversification, while maintaining an enhanced geographic mix.