Mr. Alexander Sannikov reports

DREAM INDUSTRIAL REAL ESTATE INVESTMENT TRUST ANNOUNCES OFFERING OF C$200 MILLION SENIOR UNSECURED DEBENTURES, SERIES G

Dream Industrial Real Estate Investment Trust has priced a private placement of senior unsecured debentures consisting of $200-million aggregate principal amount of 4.287 per cent senior unsecured debentures, Series G, maturing on July 3, 2030. In connection with the offering, the trust has entered into forward cross-currency interest rate swap arrangements to swap the proceeds of the offering to euros to lower the effective fixed interest rate to 3.726 per cent, effective Dec. 22, 2025.

The Series G debentures are being offered on an agency basis by a syndicate of agents led by TD Securities Inc., Scotia Capital Inc., RBC Dominion Securities Inc., CIBC World Markets Inc. and National Bank Financial Inc., and including BMO Nesbitt Burns Inc., Desjardins Securities Inc. and Mizuho Securities Canada Inc. The Series G debentures are being offered on a private placement basis in each of the provinces of Canada in reliance upon exemptions from the prospectus requirements under applicable securities legislation.

The Series G debentures will be issued at a price equal to $1,000 per $1,000 principal amount and bear interest at a rate of 4.287 per cent per annum, and will mature on July 3, 2030. Interest is payable on the Series G debentures on Jan. 3 and July 3 of each year, commencing on Jan. 3, 2026. The Series G debentures will be direct senior unsecured obligations of the trust and will rank equally and ratably with all other unsecured and unsubordinated indebtedness of the trust, except to the extent prescribed by law. The closing of the offering is expected to take place on July 3, 2025.

The Series G debentures are expected to be rated BBB with a positive trend by DBRS Ltd. The trust intends to use the net proceeds from the offering to repay existing indebtedness (including to prefinance the repayment of indebtedness that will mature in December, 2025) and for general trust purposes.

"Consistent with our strategy to enhance the strength of the balance sheet, following this bond offering, we would have effectively addressed over 70 per cent of our 2025 debt maturities at rates in line or better than our expectations at the beginning of the year," said Lenis Quan, chief financial officer of Dream Industrial REIT.

About Dream Industrial Real Estate Investment Trust

Dream Industrial REIT is an owner, manager and operator of a global portfolio of well-located, diversified industrial properties. As at March 31, 2025, Dream Industrial REIT has an interest in and manages a portfolio which comprises 336 industrial assets (549 buildings) totalling approximately 72.6 million square feet of gross leasable area in key markets across Canada, Europe and the United States. Dream Industrial REIT's objective is to deliver strong total returns to its unitholders through secure distributions as well as growth in net asset value and cash flow per unit underpinned by its high-quality portfolio and an investment grade balance sheet. Dream Industrial REIT is an unincorporated, open-ended real estate investment trust.

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