The Canadian industrial REIT raised its full-year guidance following strong leasing activity and CAD 550 million in acquisitions.
Dream Industrial Real Estate Investment Trust reported a 10.3% year-over-year increase in comparable-property net operating income for the second quarter, driven by leasing momentum and rental spreads. Diluted funds from operations per unit rose 7.8% to CAD 0.28, while the REIT announced its first distribution increase since 2013, up 2.5%.
The company raised its full-year outlook, now expecting comparable-property NOI growth of 7% to 8% and FFO per unit slightly above the midpoint of its CAD 1.08–CAD 1.10 forecast range. The Canadian portfolio led with 14.6% NOI growth, while the European portfolio grew 5.6%.
Dream Industrial completed or contracted over CAD 550 million in acquisitions, expanded into the U.K. through Chancerygate, and is pursuing additional European partnerships. The REIT maintains ample liquidity and targets leverage in the high-30% range.