Dream Industrial REIT Completes C$200 Million Green Bond Offering

Dream Industrial Real Estate Investment Trust (TSX: DIR.UN) (the “Trust” or “Dream Industrial REIT”) announced today the closing of its previously announced private placement of senior unsecured debentures (the "Offering") consisting of C$200 million aggregate principal amount of 3.968% Senior Unsecured Debentures, Series E maturing on April 13, 2026 (the "Series E Debentures"). Concurrent with the closing of the Offering, the Trust entered into cross currency interest rate swap arrangements to swap the proceeds of the Offering to Euros to lower the effective interest rate to 2.041%.

The Series E Debentures are expected to be rated BBB with a Stable Trend by DBRS Limited.

An amount equal to the net proceeds from the Offering is expected to be utilized to finance and/or refinance eligible green projects within the meaning of the Trust’s Green Financing Framework (the “Framework”) established in June 2021. Prior to allocation of the net proceeds of this Offering to eligible green projects, the net proceeds may be initially used to fund future acquisitions and development costs, repay existing indebtedness, and for general trust purposes. The Offering is the Trust’s third “green bond” offering, following the C$650 million of issuances in 2021.

The Series E Debentures have not been and will not be qualified for sale to the public under applicable securities laws in Canada and, accordingly, any offer and sale of the Series E Debentures in Canada will be made on a basis which is exempt from the prospectus requirements of such securities laws. The Series E Debentures will not be listed on any stock exchange and there will be no market for such securities. The Series E Debentures have not been, and will not be, registered under the United States Securities Act of 1933, as amended, or any state securities law and may not be offered or sold in the United States and may not be offered or sold to other persons who are not residents of a province of Canada.

About Dream Industrial Real Estate Investment Trust

Dream Industrial REIT is an unincorporated, open-ended real estate investment trust. As at December 31, 2021, Dream Industrial REIT owns, manages and operates a portfolio of 239 industrial assets (351 buildings) comprising approximately 43 million square feet of gross leasable area in key markets across Canada, Europe, and the U.S. Dream Industrial REIT’s objective is to continue to grow and upgrade the quality of its portfolio which primarily consists of distribution and urban logistics properties and to provide attractive overall returns to its unitholders. 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 generally can be identified by the use of forward-looking terminology such as “outlook”, “objective”, “may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “should”, “plans”, or “continue”, or similar expressions suggesting future outcomes or events. Some of the specific forward-looking information in this press release may include, among other things, statements regarding the intended use of proceeds of the Offering; and the expected rating of the Series E Debentures. 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; uncertainties around the timing and amount of future financings; uncertainties surrounding the COVID-19 pandemic; 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, interest rates remain stable, conditions within the real estate market remain consistent, historically low rates and rising replacement costs in the Trust’s operating markets remain steady, 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. 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.

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DREAM INDUSTRIAL REAL ESTATE INVESTMENT TRUST

Brian Pauls
Chief Executive Officer
(416) 365-2365
[email protected]

Lenis Quan
Chief Financial Officer
(416) 365-2353
[email protected]

Alexander Sannikov
Chief Operating Officer
(416) 365-4106
[email protected]