The Globe and Mail reports in its Thursday, April 24, edition that Raymond James analyst Brad Sturges warns near-term volatility will likely continue as global trade turbulence persists. The Globe's David Leeder that Mr. Sturges upgraded his recommendation for Dream Industrial REIT to "strong buy" from "outperform." Mr. Sturges cut his unit target to $13.50 from $14.50. Analysts on average target the units at $14.43. Mr. Sturges says in a note: "Along with the broader Canadian industrial REIT sector, Dream has relatively underperformed on a total return basis in 2025 year-to-date, after experiencing a further P/AFFO multiple contraction. Despite investors fears with respect to the potential impact from a prolonged trade war between Canada and the U.S., we argue that Dream screens well for low NAV/unit sensitivity to cap rate and NOI input assumptions, combined with a significant spread between Dream's implied trading cap rates, and its applied cap rate to determine its NAV/unit estimate. Further, we believe Dream's focus on small-to mid-bay urban infill industrial real estate can benefit from resilient leasing demand fundamentals, while the REIT also benefits from a diversified industrial tenant base."