Dream Industrial REIT Reports Strong Q3 2025 Financial Results

Core Insights - Dream Industrial REIT reported strong financial results for Q3 2025, with significant growth in funds from operations (FFO) and comparative properties net operating income (CP NOI) [3][6][16] Financial Highlights - Diluted FFO per Unit increased by 4.3% to $0.27 in Q3 2025 from $0.26 in Q3 2024 [6] - CP NOI on a constant currency basis rose by 6.4% to $103.8 million in Q3 2025 compared to $97.5 million in Q3 2024 [6][16] - Net rental income for Q3 2025 was $98.4 million, an 8.8% increase from $90.5 million in Q3 2024 [6][16] - Total assets reached $8.5 billion as of September 30, 2025, a 4.2% increase from $8.1 billion at the end of 2024 [6][16] Leasing Activity - The Trust signed 2.0 million square feet of new leases and renewals with a weighted average rental spread of 28% from the beginning of Q3 2025 until October 31, 2025 [6][8] - In-place occupancy was 94.5% as of September 30, 2025, up 40 basis points from June 30, 2025 [6][16] Acquisitions and Dispositions - The Trust closed over $107 million in acquisitions in its wholly-owned portfolio and $460 million in private ventures since the start of 2025, adding over 2.8 million square feet of gross leasable area [6][13] - The Trust is pursuing over $150 million in dispositions, with $5 million already firmed up [13][14] Development and Growth Initiatives - The Trust continues to advance its solar program, with five new projects under construction across Ontario, Alberta, and the Netherlands [21] - The Trust has identified over 120 MW of additional solar generation potential, translating into over $190 million of potential investment volume [21][23] Capital Strategy - The Trust ended Q3 2025 with available liquidity of $828.5 million, including $81.9 million in cash and cash equivalents [27] - The net total debt-to-total assets ratio was 38.7% as of September 30, 2025 [27]