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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 , May 4 , 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 ended March 31 , 2021. Management will host a conference call to discuss the financial results on May 5 , 2021 at 11:00 a.m. ( ET ) . HIGHLIGHTS Strong net income , diluted FFO per Unit ( ¹ ) and NAV per Unit ( ¹ ) growth : Net income was $ 95 million in Q1 2021 , compared to $ 42 million in Q1 2020 ; Diluted funds from operations ( " FFO " ) per Unit ( ¹ ) was $ 0.19 in Q1 2021 , a 10 % increase when compared to Q1 2020 ; O O O Net rental income in Q1 2021 was $ 47 million , an increase of 17.4 % , compared to $ 40 million in Q1 2020 ; Comparative properties NOI ( " CP NOI " ) ( constant currency basis ) ( ¹ ) in Q1 2021 increased by 3.1 % , when compared to Q1 2020. The Canadian portfolio posted 2.0 % CP NOI growth , predominantly driven by a 6.1 % CP NOI increase in Ontario . The U.S. portfolio CP NOI increased by 6.7 % on a constant currency basis , resulting from an increase in occupancy rate of 2.0 % and an increase in in - place rent of 2.4 % ; Investment property values increased by $ 75 million in Q1 2021 reflecting higher market rents , strong leasing activity in Ontario , and compression in capitalization rates mainly in Québec ; and Net asset value per Unit ( ¹ ) was $ 12.82 in Q1 2021 , an increase of 2.2 % , compared to $ 12.55 in Q4 2020 . Maximizing rental rate growth across the portfolio : Since the end of Q4 2020 , the Trust has signed approximately 1.1 million square feet of new leases at a 19 % spread over prior rents ; and In addition , the Trust completed nearly 0.9 million square feet of renewals at a 20 % spread over expiring rents since the end of Q4 2020 . O O DREAM INDUSTRIAL REIT REPORTS Q1 2021 FINANCIAL RESULTS AND STRONG YEAR - OVER - YEAR GROWTH O O O Continued portfolio high - grading and increased financial flexibility : Over $ 350 million of acquisitions completed to date in 2021 , including $ 41 million of income - producing assets and a 30 - acre parcel of land for $ 35 million in the Greater Toronto Area ( “ GTA ” ) that closed subsequent to quarter - end ; O O An additional $ 155 million of acquisitions that are firm , under contract or in exclusivity in the Trust's target markets in Canada , the U.S. , Germany , and the Netherlands ; and