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dream * industrial REIT This press release contains forward - looking information that is based upon assumptions and is subject to risks and uncertainties as indicated in the cautionary note contained within this press release . All dollar amounts are in Canadian dollars unless otherwise indicated . Toronto , February 16 , 2021 , Dream Industrial REIT ( DIR.UN - TSX ) or ( the " Trust " or " DIR " or the " REIT " or " we " ) today announced its financial results for the three months and year ended December 31 , 2020. Management will host a conference call to discuss the financial results on February 17 , 2021 at 11:00 a.m. ( ET ) . HIGHLIGHTS Strong organic , FFO per Unit ( ¹ ) and NAV per Unit ( ¹ ) growth : Diluted funds from operations ( " FFO " ) per Unit ( ¹ ) was $ 0.19 in Q4 2020 , a 3 % increase when compared to Q4 2019 , despite a 12 % increase in total number of units ; Comparative properties NOI ( " CP NOI " ) ( constant currency basis ) ( ¹ ) increased by 2.3 % and 1.5 % , when compared to Q3 2020 and Q4 2019 , respectively ; Investment property fair values increased by $ 92 million in Q4 2020 and $ 120 million for the full year 2020 largely reflecting higher market rents , strong leasing activity , and declining capitalization rates across the Trust's portfolio in Ontario , Québec , and Europe ; and Net asset value per Unit ( ¹ ) increased in Q4 2020 by 3.7 % and 6.7 % , when compared to Q3 2020 and Q4 2019 , respectively , to $ 12.55 . Significant leasing activity across the portfolio : ● O O O O DREAM INDUSTRIAL REIT REPORTS STRONG Q4 2020 RESULTS AND ADDITION OF NEW TOP 10 TENANT O Recently , the Trust has entered into two leases with subsidiaries of Amazon Inc. ( “ Amazon ” ) for over 400,000 square feet at its properties in Louisville , Kentucky and London , Ontario . Pro forma these leases , Amazon is expected to become the Trust's 6th largest tenant by gross leasable area and amongst the top 10 tenants by annualized gross rental revenue ; In total , since the end of Q3 2020 , the Trust has signed over 1.0 million square feet of new leases at a 20 % spread to prior rents , of which approximately 615,000 square feet were signed subsequent to year end ; and In addition , the Trust completed nearly 900,000 square feet of renewals at a 10 % spread over expiring rents since the end of the third quarter . O O Robust pace of capital deployment and continued portfolio high - grading : $ 112 million of acquisitions completed during Q4 2020 in Europe , bringing the total acquisition volume for 2020 to $ 623 million ; and O O Additional $ 355 million of acquisitions closed , under contract or in exclusivity in the Trust's target markets in Canada , the U.S. , Germany , and the Netherlands . Thus far in 2021 , approximately $ 138 million of these acquisitions have closed .