Mr. Brian Pauls reports

DREAM INDUSTRIAL REIT ANNOUNCES CLOSING OF $177.5 MILLION SECONDARY BOUGHT DEAL OFFERING

Dream Industrial Real Estate Investment Trust's previously announced secondary bought deal offering of 12.5 million units of the trust by Dream Office a price of $14.20 per unit, for total gross proceeds to the selling unitholder of $177.5-million, has closed. All net proceeds were paid to the Selling Unitholder. The Trust did not receive any proceeds of the Offering. Upon closing of the Offering, the Selling Unitholder directly and indirectly owns and controls approximately 4.9% of the Trust's total number of voting units.

The Offering was conducted by a syndicate of underwriters led by TD Securities Inc., Scotia Capital Inc. and RBC Capital Markets. The Units were offered and sold by way of a prospectus supplement dated May 8, 2023 to the Trust's short form base shelf prospectus dated November 26, 2021 filed with the securities commissions and other similar regulatory authorities in each of the provinces of Canada, a copy of which is available under the Trust's profile on SEDAR at www.sedar.com.

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