Latest News by Industry
TORONTO--(BUSINESS WIRE)--Nov 1, 2022--
Dream Industrial Real Estate Investment Trust (DIR.UN-TSX) (the “Trust” or “Dream Industrial REIT” or “Dream Industrial” or “we” or “us”) today announced its financial results for the three and nine months ended September 30, 2022. Management will host a conference call to discuss the financial results on November 2, 2022 at 1:00 p.m. (ET).
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20221101006243/en/
Highlighted Development Projects (Photo: Business Wire)
HIGHLIGHTS
(1) Diluted FFO per Unit is a non-GAAP ratio. For further information on this non-GAAP ratio, please refer to the statements under the heading “Non-GAAP financial measures, ratios and supplementary financial measures” in this press release.
(2) Comparative properties net operating income (“CP NOI”) (constant currency basis) is a non-GAAP financial measure. The tables included in the Appendices section of this press release reconcile CP NOI (constant currency basis) for the three and nine months ended September 30, 2022 and September 30, 2021 to net rental income. For further information on this non-GAAP financial measure, please refer to the statements under the heading “Non-GAAP financial measures, ratios and supplementary financial measures” in this press release.
(3) Total equity (including LP B Units) is a non-GAAP financial measure. The tables included in the Appendices section of this press release reconcile total equity (including LP B Units) as at September 30, 2022, December 31, 2021 and September 30, 2021 to total equity (excluding LP B Units). For further information on this non-GAAP financial measure, please refer to the statements under the heading “Non-GAAP financial measures, ratios and supplementary financial measures” in this press release.
(4) NAV per Unit is a non-GAAP ratio. For further information on this non-GAAP ratio, please refer to the statements under the heading “Non-GAAP financial measures, ratios and supplementary financial measures” in this press release.
The Trust continues to make significant progress on strategic initiatives to maximize organic growth drivers while maintaining a strong and flexible balance sheet. Highlights include:
(1) Available liquidity is a non-GAAP financial measure. The tables included in the Appendices section of this press release reconcile available liquidity as at September 30, 2022, December 31, 2021 and September 30, 2021 to cash and cash equivalents. For further information on this non-GAAP ratio, please refer to the statements under the heading “Non-GAAP financial measures, ratios and supplementary financial measures” in this press release.
(2) Net total debt-to-total assets (net of cash and cash equivalents) is a non-GAAP ratio. For further information on this non-GAAP financial measure, please refer to the statements under the heading “Non-GAAP financial measures, ratios and supplementary financial measures” in this press release.
FINANCIAL HIGHLIGHTS
SELECTED FINANCIAL INFORMATION |
|
|
|
|
|
|
|
|
(unaudited) | Three months ended |
| Nine months ended | |||||
| September 30, | September 30, | September 30, | September 30, | ||||
(in thousands of dollars except per Unit amounts) |
| 2022 |
| 2021 |
| 2022 |
| 2021 |
Operating results |
|
|
|
|
|
|
|
|
Net rental income | $ | 71,997 | $ | 59,710 | $ | 206,039 | $ | 157,467 |
CP NOI (constant currency basis) (1) |
| 60,333 |
| 55,755 |
| 128,430 |
| 116,712 |
Net income |
| 125,663 |
| 162,815 |
| 740,032 |
| 418,374 |
Funds from operations (“FFO”) (2) |
| 60,897 |
| 50,517 |
| 176,460 |
| 124,583 |
Per Unit amounts |
|
|
|
|
|
|
|
|
FFO – diluted (3)(4) | $ | 0.22 | $ | 0.22 | $ | 0.66 | $ | 0.60 |
Distribution rate |
| 0.17 |
| 0.17 |
| 0.52 |
| 0.52 |
See footnotes at end. |
|
|
|
|
|
|
|
|
PORTFOLIO INFORMATION |
|
|
|
|
|
|
(unaudited) |
| As at | ||||
| September 30, | December 31, | September 30, | |||
(in thousands of dollars) |
| 2022 |
| 2021 |
| 2021 |
Total portfolio |
|
|
|
|
|
|
Number of assets (5)(6) |
| 258 |
| 239 |
| 221 |
Investment properties fair value | $ | 6,509,557 | $ | 5,696,607 | $ | 5,048,986 |
Gross leasable area (“GLA”) (in millions of sq. ft.) (6) |
| 46.5 |
| 43.0 |
| 39.8 |
Occupancy rate – in-place and committed (period-end) (7) |
| 99.0% |
| 98.2% |
| 98.0% |
Occupancy rate – in-place (period-end) (7) |
| 97.3% |
| 97.7% |
| 97.6% |
See footnotes at end. |
|
|
|
|
|
|
FINANCING AND CAPITAL INFORMATION |
|
|
|
|
|
|
(unaudited) |
| As at | ||||
| September 30, | December 31, | September 30, | |||
(in thousands of dollars except per Unit amounts) |
| 2022 |
| 2021 |
| 2021 |
FINANCING |
|
|
|
|
|
|
Credit rating- DBRS |
| BBB (mid) |
| BBB (mid) |
| BBB (mid) |
Net total debt-to-total assets (net of cash and cash equivalents) ratio (8) |
| 29.2% |
| 31.6% |
| 32.9% |
Net total debt-to-normalized adjusted EBITDAFV ratio (years) (9) |
| 7.8 |
| 8.0 |
| 8.0 |
Interest coverage ratio (times) (10) |
| 13.4 |
| 8.0 |
| 6.2 |
Weighted average face interest rate on debt |
| 1.14% |
| 0.83% |
| 0.86% |
Weighted average remaining term to maturity on debt (years) |
| 3.0 |
| 3.8 |
| 3.9 |
Unencumbered investment properties (11) | $ | 5,088,394 | $ | 4,154,925 | $ | 3,404,157 |
Cash and cash equivalents | $ | 60,091 | $ | 164,015 | $ | 87,281 |
Available liquidity (period-end) (12) | $ | 346,019 | $ | 511,612 | $ | 434,809 |
CAPITAL |
|
|
|
|
|
|
Total equity (excluding LP B Units) | $ | 4,477,839 | $ | 3,499,423 | $ | 3,015,821 |
Total equity (including LP B Units) (13) | $ | 4,676,900 | $ | 3,818,886 | $ | 3,316,361 |
Total number of Units (in thousands) (14) |
| 274,335 |
| 252,417 |
| 230,845 |
Net asset value (“NAV”) per Unit (15) | $ | 17.05 | $ | 15.13 | $ | 14.37 |
Unit price | $ | 10.73 | $ | 17.22 | $ | 16.20 |
See footnotes at end. |
|
|
|
|
|
|
“Dream Industrial’s third quarter operating results highlight the growth drivers embedded in our high-quality portfolio,” said Brian Pauls, Chief Executive Officer of Dream Industrial REIT. “We continue to deliver strong comparative properties NOI and FFO per unit growth and are unlocking value through intensification within our portfolio. Notwithstanding the macroeconomic environment, industrial fundamentals remain strong in all our markets. Our strategic initiatives over the past several years have resulted in a well-located and high-quality portfolio that should consistently prove attractive to occupiers.”
ORGANIC GROWTH
The Trust has provided a summary of its recent leasing highlights below:
The Trust expects to achieve strong rental rate growth over time as it sets rents on expiring leases to market, as market rents continue to increase across the Trust’s operating markets. During the quarter, the estimated market rent of properties in the Trust’s portfolio increased by 18.5% compared to September 30, 2021, and 2.4% compared to June 30, 2022. As at September 30, 2022, estimated market rents exceed the average in-place base rent across the Trust’s portfolio by nearly 30%.
DEVELOPMENT UPDATE
The Trust’s development pipeline provides a significant opportunity to add high-quality assets in core markets at attractive economics to the Trust. The Trust has approximately 3.7 million square feet of development projects that are currently underway or in planning stages.
The Trust currently has 621,000 square feet of projects underway across the GTA and Greater Montréal Area. With a total expected cost of approximately $157 million, the Trust expects unlevered yield on development cost of approximately 6.8% upon completion. The Trust expects all of these projects to be completed in the next 9–12 months.
The Trust has an additional 1.6 million square feet of projects at its share that are in the final stages of planning with targeted completion in the coming two to three years. With a total cost of approximately $345 million, the Trust expects an average unlevered yield on cost of approximately 6.0%.
In addition to the above projects, the Trust is in the preliminary stages of planning for approximately 0.9 million square feet of near-term expansion and redevelopment opportunities in Europe.
ACQUISITIONS
During the quarter, the Trust completed the previously announced acquisitions of two income-producing assets totalling $37 million in Europe, and in October, closed a $67 million acquisition in the GTA. These acquisitions added approximately 0.5 million square feet to the portfolio.
Year-to-date, the Trust has acquired approximately $565 million of income producing assets that have added more than 2.6 million square feet of high-quality logistics space in land-constrained markets across Canada and Europe.
“We continue to enhance the organic growth profile of our portfolio through our development and asset management program,” said Alexander Sannikov, Chief Operating Officer of Dream Industrial REIT. “Our leasing momentum remains strong across all of our markets and showcases the strength of underlying industrial fundamentals and the quality of our portfolio. Moreover, we continue to look towards surfacing additional value from our properties and our recent investment in our solar panel installation program is expected to become a more meaningful contributor to our cash flows over time.”
CAPITAL STRATEGY
The Trust continues to maintain significant financial flexibility as it executes on its strategy to grow and upgrade portfolio quality. The Trust’s proportion of secured debt (16) is 7.0% of total assets and represents approximately 24% of total debt (17), compared to 31.9% one year ago. Additionally, the Trust’s unencumbered asset pool totalled $5.1 billion as at September 30, 2022, representing approximately 78% of the Trust’s investment properties value as at September 30, 2022.
The Trust ended Q3 2022 with total available liquidity (12) of $346 million including cash and cash equivalents of $60.1 million. In October 2022, the Trust further enhanced its liquidity by an additional $150 million with the upsize of its unsecured credit facility and extension of the term to 2026, with an additional $250 million accordion.
“We continue to focus on maintaining a strong and flexible balance sheet and our strategic initiatives have allowed us to drive healthy FFO per unit growth while keeping leverage at conservative levels,” said Lenis Quan, Chief Financial Officer of Dream Industrial REIT. “Our low leverage and ample liquidity allow us to continue to pursue strategies to upgrade portfolio quality and improve the value of our business”.
CONFERENCE CALL
Senior management will host a conference call to discuss the financial results on Wednesday, November 2, 2022, at 1:00 p.m. (ET). To access the conference call, please dial 1-866-455-3403 in Canada or 647-484-8332 elsewhere and use passcode 64844654#. To access the conference call via webcast, please go to Dream Industrial REIT’s website at www.dreamindustrialreit.ca and click on the link for News, then click on Events. A taped replay of the conference call and the webcast will be available for ninety (90) days following the call.
OTHER INFORMATION
Information appearing in this press release is a select summary of financial results. The condensed consolidated financial statements and management’s discussion and analysis for the Trust will be available at www.dreamindustrialreit.ca and on www.sedar.com.
Dream Industrial REIT is an unincorporated, open-ended real estate investment trust. As at September 30, 2022, Dream Industrial REIT owns, manages and operates a portfolio of 258 industrial assets totalling approximately 46.5 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.
FOOTNOTES
Non-GAAP financial measures, ratios and supplementary financial measures
The Trust’s condensed consolidated financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”). In this press release, as a complement to results provided in accordance with IFRS, the Trust discloses and discusses certain non-GAAP financial measures and ratios, including FFO, diluted FFO per Unit, CP NOI (constant currency basis), total debt, net total debt-to-total assets (net of cash and cash equivalents) ratio, net total debt, total assets (net of cash and cash equivalents, net total debt-to-normalized adjusted EBITDAFV ratio, interest coverage ratio, available liquidity, total equity (including LP B Units) and NAV per Unit as well as other measures discussed elsewhere in this press release. These non-GAAP financial measures and ratios are not defined by IFRS and do not have a standardized meaning under IFRS. The Trust’s method of calculating these non-GAAP financial measures and ratios may differ from other issuers and may not be comparable with similar measures presented by other issuers. The Trust has presented such non-GAAP financial measures and ratios as Management believes they are relevant measures of the Trust’s underlying operating and financial performance. Certain additional disclosures such as the composition, usefulness and changes, as applicable, of the non-GAAP financial measures and ratios included in this press release have been incorporated by reference from the management’s discussion and analysis of the financial condition and results from operations of the REIT for the three and nine months ended September 30, 2022, dated November 1, 2022 (the “MD&A for the third quarter of 2022”) and can be found under the sections “Non-GAAP Financial Measures" and "Non-GAAP Ratios” and respective sub-headings labelled “Funds from operations (“FFO”)”, "Diluted FFO per Unit", "Comparative properties NOI (constant currency basis)”, “Net total debt-to-total assets (net of cash and cash equivalents) ratio”, “Net total debt-to-normalized adjusted EBITDAFV”, and “Interest coverage ratio”, “Available Liquidity”, "Total equity (including LP B Units or subsidiary redeemable units") and “Net asset value (“NAV”) per Unit”. The composition of supplementary financial measures included in this press release have been incorporated by reference from the MD&A for the third quarter of 2022 and can be found under the section “Supplementary financial measures and ratios and other disclosures”. The MD&A for the third quarter of 2022 is available on SEDAR at www.sedar.com under the Trust’s profile and on the Trust’s website at www.dreamindustrialreit.ca under the Investors section. Non-GAAP financial measures and ratios should not be considered as alternatives to net income, net rental income, cash flows generated from (utilized in) operating activities, cash and cash equivalents, total assets, non-current debt, total equity, or comparable metrics determined in accordance with IFRS as indicators of the Trust’s performance, liquidity, cash flow, and profitability.
Forward looking information
This press release may contain forward-looking information within the meaning of applicable securities legislation, including statements regarding the Trust’s objectives and strategies to achieve those objectives; the Trust’s expectations relating to the benefits to be realized from demand drivers for industrial space; the Trust’s portfolio and management strategy and expected benefits to be derived thereof, including the Trust’s ability to execute on its strategy and expected growth opportunities and drivers; expectations regarding the quality of the Trust’s portfolio and the Trust’s strategy to upgrade portfolio quality; the Trust’s conservative financial policies and expected strength and flexibility of its balance sheet; the Trust’s objective of providing attractive overall returns to unitholders; the anticipated commencement of certain leases and the average spread thereof and the Trust’s ability and expectations to achieve strong rental growth over time as it sets rents on expiring leases to market; our development and expansion pipelines; expected occupancy; the Trust’s mid-30% range target for net total debt-to-total-assets (net of cash and cash equivalents) ratio; expectations that low leverage and liquidity levels will allow the Trust to continue upgrading portfolio quality and improving the value of its business; the Trust’s ability to add high-quality assets in core markets at attractive economics; expectations that the solar panel installation program will become a more meaningful contributor to cash flows over time; the Trust’s development, expansion and redevelopment plans, including the timing of construction and expansion, costs, expectations regarding stabilization of expansions, and anticipated yields; expected debt and liquidity levels; and similar statements concerning anticipated future events, future leasing activity, including those associated with user demand relative to supply of quality industrial product in the Trust’s operating markets, the ability to lease vacant space, results of operations, performance, business prospects and opportunities, and the real estate industry in general.
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 recession in certain of the jurisdictions in which we operate and the effect inflation and any such recession may have on market conditions and lease rates; 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.
Appendices
Reconciliation of CP NOI (constant currency basis) to net rental income
The tables below reconciles CP NOI (constant currency basis) for the three months and nine months ended September 30, 2022 and September 30, 2021 to net rental income.
| Three months ended | |||
| September 30, | September 30, | ||
|
| 2022 |
| 2021 |
Ontario | $ | 15,445 | $ | 13,210 |
Québec |
| 11,152 |
| 10,117 |
Western Canada |
| 11,635 |
| 10,887 |
Canadian portfolio |
| 38,232 |
| 34,214 |
European portfolio (constant currency basis) |
| 19,411 |
| 18,917 |
U.S. portfolio (constant currency basis) |
| 2,690 |
| 2,624 |
Comparative properties NOI (constant currency basis) |
| 60,333 |
| 55,755 |
Impact of foreign currency translation on comparative properties NOI |
| — |
| 2,464 |
NOI from acquired properties – Canada |
| 5,060 |
| 399 |
NOI from acquired properties - Europe |
| 7,360 |
| 838 |
NOI from acquired properties – U.S. |
| 826 |
| — |
NOI from disposed share of properties – U.S. |
| — |
| 363 |
Net property management and other income |
| 769 |
| 317 |
Straight-line rent |
| 1,836 |
| 684 |
Amortization of lease incentives |
| (622) |
| (327) |
Lease termination fees and other |
| (15) |
| 1,068 |
COVID-19 related adjustments and provisions |
| 46 |
| 6 |
NOI from properties transferred to properties held for development |
| 199 |
| 489 |
Less: NOI from equity accounted investments |
| (3,795) |
| (2,346) |
Net rental income from continuing operations | $ | 71,997 | $ | 59,710 |
| Nine months ended | |||
| September 30, | September 30, | ||
|
| 2022 |
| 2021 |
Ontario | $ | 42,674 | $ | 37,346 |
Québec |
| 24,466 |
| 21,683 |
Western Canada |
| 34,091 |
| 32,350 |
Canadian portfolio |
| 101,231 |
| 91,379 |
European portfolio (constant currency basis) |
| 20,118 |
| 18,585 |
U.S. portfolio (constant currency basis) |
| 7,081 |
| 6,748 |
Comparative properties NOI (constant currency basis) |
| 128,430 |
| 116,712 |
Impact of foreign currency translation on comparative properties NOI |
| — |
| 1,738 |
NOI from acquired properties – Canada |
| 21,712 |
| 6,550 |
NOI from acquired properties – Europe |
| 56,915 |
| 17,052 |
NOI from acquired properties – U.S. |
| 2,400 |
| 716 |
NOI from disposed share of properties - U.S. |
| (2) |
| 13,911 |
Net property management and other income |
| 2,865 |
| 317 |
Straight-line rent |
| 4,859 |
| 1,669 |
Amortization of lease incentives |
| (1,752) |
| (1,299) |
Lease termination fees and other |
| (490) |
| 1,266 |
COVID-19 related adjustments and provisions |
| (81) |
| (88) |
NOI from properties transferred to properties held for development |
| 1,257 |
| 1,269 |
Less: NOI from equity accounted investments |
| (10,074) |
| (2,346) |
Net rental income from continuing operations | $ | 206,039 | $ | 157,467 |
Appendices
Reconciliation of FFO to net income
The table below reconciles FFO for the three months and nine months ended September 30, 2022 and September 30, 2021 to net income.
| Three months ended |
| Nine months ended | ||||||
|
| 2022 |
| 2021 |
|
| 2022 |
| 2021 |
Net income for the period | $ | 125,663 | $ | 162,815 |
| $ | 740,032 | $ | 418,374 |
Add (deduct): |
|
|
|
|
|
|
|
|
|
Fair value adjustments to investment properties |
| (43,133) |
| (162,452) |
|
| (428,528) |
| (444,170) |
Fair value adjustments to financial instruments |
| (30,481) |
| 16,060 |
|
| (142,384) |
| 92,905 |
Share of net income from equity accounted investment |
| (6,279) |
| (13,031) |
|
| (47,704) |
| (13,031) |
Interest expense on subsidiary redeemable units |
| 3,246 |
| 3,246 |
|
| 9,739 |
| 9,739 |
Amortization and write-off of lease incentives |
| 627 |
| 337 |
|
| 1,743 |
| 1,309 |
Internal leasing costs |
| 1,056 |
| 861 |
|
| 3,220 |
| 2,661 |
Fair value of DUIP included in G&A expenses |
| (133) |
| 143 |
|
| (50) |
| 202 |
Foreign exchange on capital transactions |
| 568 |
| 1,071 |
|
| 3,982 |
| 1,908 |
Share of FFO from equity accounted investment |
| 2,717 |
| 1,564 |
|
| 7,290 |
| 1,564 |
Deferred income taxes expense |
| 7,011 |
| (7,259) |
|
| 28,514 |
| 2,901 |
Current income taxes expense related to dispositions |
| — |
| 16,589 |
|
| 126 |
| 16,589 |
Transaction costs on sale of investment properties |
| 35 |
| 2,063 |
|
| 480 |
| 2,063 |
FFO for the period before the undernoted adjustment |
| 60,897 |
| 22,007 |
|
| 176,460 |
| 93,014 |
Debt settlement costs |
| — |
| 28,510 |
|
| — |
| 31,569 |
FFO for the period | $ | 60,897 | $ | 50,517 |
| $ | 176,460 | $ | 124,583 |
Reconciliation of available liquidity to cash and cash equivalents
The table below reconciles available liquidity to cash and cash equivalents as at September 30, 2022, December 31, 2021 and September 30, 2021.
Amounts per consolidated financial statements | September 30, | December 31, | September 30, | |||
Cash and cash equivalents | $ | 60,091 | $ | 164,015 | $ | 87,281 |
Undrawn unsecured revolving credit facility (1) |
| 285,928 |
| 347,597 |
| 347,528 |
Available liquidity | $ | 346,019 | $ | 511,612 | $ | 434,809 |
(1) Net of letter of credits totalling $2,235, $2,403, and $2,472 as at September 30, 2022, December 31, 2021, and September 30, 2021, respectively. |
Reconciliation of total equity (including LP B Units) to total equity (excluding LP B Units)
The table below reconciles total equity (including LP B Units) to total equity (excluding LP B Units) as at September 30, 2022, December 31, 2021 and September 30, 2021.
| As at | ||||||||||
| September 30, 2022 |
| December 31, 2021 |
| September 30, 2021 | ||||||
| Number of |
| Amount |
| Number of |
| Amount |
| Number of |
| Amount |
REIT Units and unitholders’ equity | 255,782,998 | $ | 3,097,477 |
| 233,864,845 | $ | 2,756,156 |
| 212,293,502 | $ | 2,412,985 |
Retained earnings | — |
| 1,354,249 |
| — |
| 746,848 |
| — |
| 597,790 |
Accumulated other comprehensive income | — |
| 26,113 |
| — |
| (3,581) |
| — |
| 5,046 |
Total equity per consolidated financial statements | 255,782,998 |
| 4,477,839 |
| 233,864,845 |
| 3,499,423 |
| 212,293,502 |
| 3,015,821 |
Add: LP B Units | 18,551,855 |
| 199,061 |
| 18,551,855 |
| 319,463 |
| 18,551,855 |
| 300,540 |
Total equity (including LP B Units) | 274,334,853 | $ | 4,676,900 |
| 252,416,700 | $ | 3,818,886 |
| 230,845,357 | $ | 3,316,361 |
Reconciliation of total debt to non-current debt
The table below reconciles total debt to non-current debt as at September 30, 2022, December 31, 2021 and September 30, 2021.
Amounts per consolidated financial statements | September 30, | December 31, | September 30, | |||
Non-current debt | $ | 2,006,193 | $ | 2,006,647 | $ | 1,785,223 |
Current debt |
| 255,907 |
| 38,349 |
| 27,758 |
Fair value of cross-currency interest rate swaps (1)(2) |
| (192,526) |
| (32,514) |
| (940) |
Total debt | $ | 2,069,574 | $ | 2,012,482 | $ | 1,812,041 |
(1) As at September 30, 2022, the CCIRS were in a net asset position and $192,526 was included in “Derivatives and other non-current assets” in the condensed consolidated financial statements (December 31, 2021 – the CCIRS were in an asset position and $38,939 was included in “Derivatives and other non-current assets” and $6,425 in “Derivatives and other non-current liabilities” in the consolidated financial statements). |
View source version on businesswire.com:https://www.businesswire.com/news/home/20221101006243/en/
CONTACT: Dream Industrial REIT
Brian Pauls
Chief Executive Officer
(416) 365-2365
bpauls@dream.caLenis Quan
Chief Financial Officer
(416) 365-2353
lquan@dream.caAlexander Sannikov
Chief Operating Officer
(416) 365-4106
asannikov@dream.ca
KEYWORD: NORTH AMERICA CANADA
INDUSTRY KEYWORD: COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY REIT
SOURCE: Dream Industrial Real Estate Investment Trust
Copyright Business Wire 2022.
PUB: 11/01/2022 08:25 PM/DISC: 11/01/2022 08:25 PM
http://www.businesswire.com/news/home/20221101006243/en