Dream Industrial REIT Announces Credit Rating Upgrade to BBB (High) From BBB by Morningstar DBRS

Executive Summary

• Dream Industrial REIT received an upgraded issuer and senior unsecured debentures rating to BBB (high) with Stable trends from Morningstar DBRS.
• The upgrade is expected to lower borrowing costs on its $750 M revolving credit facility, US$250 M term loan, and €153 M term loan by up to 25 bps per annum, plus an immediate 5 bps reduction in the revolving facility’s standby fee.
• Management anticipates that reduced debt costs will positively affect annualized FFO per unit on a pro‑forma basis as upcoming maturities are refinanced.

Key Details

• Rating Upgrade: Issuer and senior unsecured debentures rating upgraded to BBB (high) with Stable trends (previously BBB).
• Cost‑of‑Debt Reduction: Up to 25 bps per annum reduction on existing $750 M revolving credit facility, US$250 M term loan, and €153 M term loan; immediate 5 bps reduction in standby fee pricing for the revolver.
• Impact on FFO: Lower borrowing costs expected to boost annualized Funds From Operations (FFO) per unit on a pro‑forma basis when debt maturities are refinanced.
• Portfolio Context: As of September 30, 2025, Dream Industrial REIT manages 340 industrial assets (552 buildings) totaling ~73.2 million sq ft across Canada, Europe, and the U.S.

Notable Quotes

“We are proud to announce an upgrade in our credit rating to BBB (high)… This rating upgrade reflects the strength of our urban industrial portfolio and ongoing resilience of our business.” – Alexander Sannikor, President & CEO

“Representing one of the highest credit ratings currently granted within the Canadian REIT universe by DBRS, this upgrade is recognition of… confidence in the REIT’s balance sheet strength and credit quality, which we expect will translate into lower borrowing costs going forward.” – Lenis Quan, CFO