TORONTO, ONTARIO--(Marketwired - Apr 18, 2017) - DREAM INDUSTRIAL REIT (TSX:DIR.UN) or ("Dream Industrial" or the "REIT") today announced that Brent Chapman, Chief Executive Officer of the REIT, will be leaving Dream Industrial REIT in early 2018. "Over the last two years I have enjoyed leading Dream Industrial REIT and developing a solid operating platform from which the business can grow. I am looking forward to leading the team over the next twelve months and to assisting in finding my replacement" said Mr. Chapman.
Over the next few months, Vincenza Sera, the REIT's Chairperson will lead a search committee to find the next CEO, together with Jane Gavan and Michael Cooper of Dream Asset Management Corporation, the REIT's asset manager. Consistent with the REIT's developing strategy, the focus for the search will be on not only identifying a strong operator but a senior executive who can oversee development as well as opportunities to expand into new markets.
"It is with our sincerest appreciation that we thank Brent for his contributions to Dream Industrial over the past few years," said Jane Gavan, President, Asset Management. "He helped us develop a strong active asset management platform in the REIT and furthered our capital recycling program since he joined Dream Industrial in 2015. We expect to continue those efforts going forward, focusing on growth and delivering sustainable returns."
Mr. Chapman, who has decided to pursue other career opportunities, will remain with the REIT until March 2018, to ensure a smooth transition.
Dream Industrial REIT is an unincorporated, open-ended real estate investment trust. Dream Industrial REIT owns and operates a portfolio of 213 geographically diversified light industrial properties comprising approximately 16.2 million square feet of gross leasable area in key markets across Canada. 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. 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 Dream Industrial REIT'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; the financial condition of tenants; our ability to refinance maturing debt; leasing risks, including those associated with the ability to lease vacant space; and interest and currency rate fluctuations. Our objectives and forward-looking statements are based on certain assumptions, including that the general economy remains stable, interest rates remain stable, conditions within the real estate market remain consistent, competition for acquisitions remains consistent with the current climate and that 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. Dream Industrial REIT 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 Dream Industrial REIT's filings with securities regulators, including its latest annual information form and MD&A. These filings are also available at Dream Industrial REIT's website at www.dreamindustrialreit.ca.