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dream * industrial REIT DREAM INDUSTRIAL REIT REPORTS STRONG Q3 2021 FINANCIAL RESULTS 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 , November 2 , 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 and nine months ended September 30 , 2021. Management will host a conference call to discuss the financial results on November 3 , 2021 , at 11:00 a.m. ( ET ) . HIGHLIGHTS • Strong diluted FFO per Unit ( ¹ ) and NAV per Unit ( 1 ) growth : ○ Diluted funds from operations ( " FFO ” ) per Unit ( ¹ ) was $ 0.22 in Q3 2021 , a 25 % increase when compared to Q3 2020 ; ○ ○ ○ ○ Net asset value ( " NAV " ) per Unit ( ¹ ) was $ 14.37 in Q3 2021 , an increase of 18.8 % , compared to $ 12.10 in Q3 2020 ; Investment property values increased quarter - over - quarter due to $ 162.5 million in fair value gains recognized in Q3 2021 , reflecting higher market rents , strong leasing activity in Ontario , and compression in capitalization rates mainly in Québec ; Net rental income in Q3 2021 was $ 60 million , an increase of 41.3 % compared to $ 42 million in Q3 2020 ; and Comparative properties net operating income ( " CP NOI " ) ( constant currency basis ) ( ¹ ) in Q3 2021 increased by 7.5 % , when compared to Q3 2020. The Canadian portfolio posted a 7.8 % CP NOI growth , predominantly driven by 15.2 % and 4.9 % CP NOI increases in Ontario and Québec , respectively . • Continued portfolio high - grading and increased financial flexibility : ○ Over $ 1.9 billion of acquisitions completed to date in 2021 , as well as $ 0.6 billion of acquisitions that are firm , under contract , or in exclusive negotiations , and are expected to close in the next 60 to 90 days ; Executing on development pipeline - Phase 1 of the Trust's 220,000 square foot expansion in Montréal is largely complete with Phase 2 underway . The Trust expects to commence construction of approximately 1.3 million square feet in 2022 ; and ○ о Enhanced balance sheet flexibility – During the quarter , the Trust repaid approximately $ 263.7 million of Canadian mortgages at an average interest rate of 3.54 % , lowering the proportion of secured debt ( 1 ) to 31.9 % of total debt outstanding , and increasing its unencumbered asset ( 1 ) pool to over $ 3.4 billion , representing approximately 67.4 % of investment properties value as at September 30 , 2021 .