Q3 2025 Dream Industrial Real Estate Investment Trust Earnings Call Transcript

Nov 5, 2025 / 04:00 PM GMT

Release Date Price: €7.22 (-0.82%)

Transcript

Key Points

Positve

Dream Industrial Real Estate Investment Trust (DREUF) reported a 4.3% year-over-year growth in FFO per unit, driven by a 6.4% increase in comparative properties NOI.
The company achieved a 7.6% increase in in-place rents, contributing to strong leasing spreads and robust growth.
DREUF successfully leased over 250,000 square feet of vacancies and newly completed developments, raising in-place occupancy to 94.5%.
The company completed the acquisition of a 130,000 square foot asset in Germany with a going-in cap rate of over 8%, and a 90,000 square foot urban logistics asset in the Netherlands, both reflecting strong acquisition strategies.
DREUF's solar program is progressing well, with 2 completed projects and 5 new projects underway, representing more than 120 megawatts of additional solar generation potential.

Negative

The company is experiencing longer decision-making timelines in leasing, impacting the pace of absorption and leading to a slight decline in committed occupancy to 95.4%.
Despite strong leasing activity, the company noted a slower pace of leasing in the first half of 2025 due to trade tensions.
DREUF's net debt to EBITDA ratio stands at 8.1 times, which may be considered high by some investors.
The company is facing challenges in capital formation due to changes in global pension fund strategies and longer timelines for capital formation processes.
There is uncertainty regarding the timing of implementing a new distribution policy, despite a declining payout ratio and strong FFO growth.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

DIR_u.TO - Dream Industrial Real Estate Investment Trust
Q3 2025 Dream Industrial Real Estate Investment Trust Earnings Call
Nov 05, 2025 / 04:00PM GMT

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Presentation
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Unidentified_1 [1]
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Welcome to the Dream Industrial raid Third quarter conference call for Wednesday, November 5, 2025. Please be advised that all participants are currently in listen-only mode, and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. To join the queue, you may press star and then 1 on your telephone keypad. Should you need assistance during the conference call, you may signal an operator by pressing star and then 0. During this call, management of dream industrial rate may make statements containing forward-looking information within the meaning of applicable securities legislation. Forward-looking information is based on a number of

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