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Dream Industrial REIT Announces $177.5 Million Secondary Offering

Dream Industrial REIT
Dream Industrial REIT

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

This press release constitutes a “designated news release” for the purposes of Dream Industrial REIT’s prospectus supplement dated November 30, 2021 to its short form base shelf prospectus dated November 26, 2021.

This press release contains forward-looking information that is based upon assumptions and is subject to risks and uncertainties as indicated in the cautionary note contained within this press release.

TORONTO, May 04, 2023 (GLOBE NEWSWIRE) -- Dream Industrial REIT (DIR.UN-TSX) (the “Trust”) today announced that the Trust, along with Dream Office REIT (D.UN-TSX) (the “Selling Unitholder”), have entered into an agreement with a syndicate of underwriters led by TD Securities Inc., pursuant to which the underwriters have agreed to purchase from the Selling Unitholder, on a bought deal basis, 12,500,000 units of the Trust (“Units”) at a price of $14.20 per Unit and offer them to the public for total gross proceeds of $177.5 million (the “Offering”).

The Trust will not receive any proceeds from the Offering. The net proceeds of the Offering will be payable to the Selling Unitholder.

Closing of the Offering is subject to certain customary conditions. The Offering is expected to close on or about May 16, 2023. Following Closing, the Selling Unitholder will own or control, directly or indirectly, approximately 4.9% of the issued and outstanding voting units of the Trust.

The Units will be offered by way of a shelf prospectus supplement to the Trust's base shelf prospectus dated November 26, 2021, to be filed on or about May 8, 2023 with the securities commissions and other similar regulatory authorities in each of the provinces of Canada.

This press release does not constitute an offer to sell securities, nor is it a solicitation of an offer to buy securities, in any jurisdiction in which such offer or solicitation is unlawful. This press release is not an offer of securities for sale in the United States (“U.S.”). The securities being offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and accordingly are not being offered for sale and may not be offered, sold or delivered, directly or indirectly within the U.S., its possessions and other areas subject to its jurisdiction or to, or for the account or for the benefit of a U.S. person, except pursuant to an exemption from the registration requirements of that Act.

About Dream Industrial Real Estate Investment Trust

Dream Industrial REIT is an unincorporated, open-ended real estate investment trust. As at March 31, 2023, Dream Industrial REIT owns, manages and operates a portfolio of 321 assets totalling approximately 70.4 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 cash flows underpinned by its high-quality portfolio and an investment grade balance sheet as well as driving growth in its net asset value and cash flow per unit. For more information, please visit www.dreamindustrialreit.ca.

Forward looking information

This press release may contain forward-looking information within the meaning of applicable securities legislation, including the anticipated closing of the Offering; and the expected Units held by the Selling Unitholder’s following closing of the Offering. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Trust’s control, which could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to, general and local economic and business conditions; employment levels; mortgage and interest rates and regulations; inflation; risks related to a potential economic slowdown in certain of the jurisdictions in which we operate and the effect inflation and any such economic slowdown may have on market conditions and lease rates; uncertainties around the timing and amount of future financings; uncertainties surrounding the COVID-19 pandemic and other public health crises and epidemics; geopolitical events, including disputes between nations, war and international sanctions; the financial condition of tenants; leasing risks, including those associated with the ability to lease vacant space; rental rates and the strength of rental rate growth on future leasing; and interest and currency rate fluctuations. The Trust’s objectives and forward-looking statements are based on certain assumptions, including that the general economy remains stable; inflation and interest rates will not materially increase beyond market expectations; conditions within the real estate market remain consistent; competition for acquisitions remains consistent with the current climate; and the capital markets continue to provide ready access to equity and/or debt. All forward-looking information in this press release speaks as of the date of this press release. The Trust does not undertake to update any such forward-looking information whether as a result of new information, future events or otherwise except as required by law. Additional information about these assumptions and risks and uncertainties is contained in the Trust’s filings with securities regulators, including its latest annual information form and MD&A. These filings are also available at the Trust’s website at www.dreamindustrialreit.ca

For further information, please contact:

Dream Industrial Real Estate Investment Trust

Brian Pauls

Lenis Quan

Alexander Sannikov

Chief Executive Officer

Chief Financial Officer

President & Chief Operating Officer

(416) 365-2365

(416) 365-2353

(416) 365-4106

bpauls@dream.ca

lquan@dream.ca

asannikov@dream.ca


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