Mr. Brian Pauls reports

DREAM INDUSTRIAL REIT ANNOUNCES $177.5 MILLION SECONDARY OFFERING

Dream Industrial Real Estate Investment Trust, along with Dream Office Real Estate Investment Trust, has 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, 12.5 million units of the trust at a price of $14.20 per unit and offer them to the public for total gross proceeds of $177.5-million.

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 per cent 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 Nov. 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.

About Dream Industrial Real Estate Investment Trust

Dream Industrial is an unincorporated, open-ended real estate investment trust. As at March 31, 2023, Dream Industrial 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 United States. Dream Industrial'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.

We seek Safe Harbor.