Dream Industrial REIT Announces C $ 250 Million Green Bond Offering with the Issue of 5 Year Series D Senior Unsecured Debentures at an Effective Fixed Interest Rate of 0.54%

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This press release contains forward-looking information based on assumptions and is subject to risks and uncertainties, as set out in the cautionary statement contained in this press release.

NOT FOR UNITED STATES DISTRIBUTION OR BROADCAST USE THROUGH NEWS OR WIRE SERVICES

TORONTO, November 23, 2021– (BUSINESS WIRE) –Dream Industrial REIT (TSX: DIR.UN) (the “Trust”) announced today that it has priced a Private Placement of Senior Unsecured Debentures (the “Offer”) comprised of Cdn $ 250 million principal amount of 2.539% Senior Debentures Unsecured Series D due December 7, 2026 (the “Series D Debentures”). The placement is the Trust’s second “green bond”, following the C $ 400 million Series C debentures issued in June 2021.

The Series D Debentures are offered as agent by a syndicate of agents led by TD Securities Inc., Scotia Capital Inc., RBC Dominion Securities Inc. and National Bank Financial Inc. The Series D Debentures are offered in a private placement in each of the provinces of Canada based on exemptions from prospectus requirements under applicable securities legislation.

Upon closing of the offer, the Trust expects to convert the proceeds into euros through cross interest rate swap agreements, which is expected to result in an effective fixed interest rate of 0.541%. The closing of the Offer is expected to take place on December 6, 2021.

The Series D Debentures will be issued at a price equal to $ 1,000 per $ 1,000 principal amount and will bear interest at the rate of 2.539% per annum and will mature on December 7, 2026. Interest is payable on the Debentures of Series D on June 7 and December 7 of each year commencing June 7, 2022. The Series D Debentures will be direct senior unsecured obligations of the Trust and will rank equally and proportionately to all other unsecured and unsecured indebtedness. subordinate to the Trust, except to the extent prescribed by law.

Series D Debentures are expected to be rated BBB (stable) by DBRS Limited. An amount equal to the net proceeds of the Offer should be used to finance and / or refinance eligible green projects within the meaning of the Trust’s Green Financing Framework (“Framework”) established in June 2021. Before the allocation of net proceeds of this offering to qualifying green projects, the net proceeds may be initially used to fund future acquisitions and development costs, to repay existing debt and for general trust purposes. The Trust Framework has been reviewed by DNV, a global leader in pioneering green, social and sustainable frameworks, and is aligned with the 2018 International Capital Markets Association Green Bond Principles and Loan Market 2021 Green Lending Principles. Association.

“We continue to embed the principles of sustainability and impact investing into the way we do business and create long-term value for our stakeholders,” said Brian Pauls, CEO of Dream Industrial REIT. “We have already allocated or committed all of the proceeds from our existing $ 400 million Green Bond issued earlier this year, well ahead of schedule. We continue to see significant opportunities to add energy efficient buildings to our portfolio through our acquisition program and rapidly expanding development pipeline, while also investing in energy efficient lighting, sustainable roofing, and infrastructure. renewable energy within our existing portfolio. “

The Series D Debentures have not been and will not be eligible for sale to the public under applicable securities laws in Canada and, therefore, any offer or sale of the Series D Debentures in Canada will be made on a basis which is exempt from the prospectus. requirements of these securities laws. The Series D Debentures will not be listed on any stock exchange and there will be no market for such securities. The Series D Debentures have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities law and may not be offered or sold in the states. -United and may not be offered or sold to other persons who do not reside in a province of Canada.

This press release does not constitute an offer to sell or the solicitation of an offer to buy and there will be no sale of the Series D Debentures in any jurisdiction where such an offer, solicitation or sale would be illegal.

About the Dream Industrial Real Estate Investment Trust

Dream Industrial REIT is an unincorporated open-ended real estate investment trust. As of September 30, 2021, Dream Industrial REIT owns, manages and operates a portfolio of 221 industrial assets (326 buildings) comprising approximately 39.8 million square feet of gross leasable area in key markets in Canada, Europe and the United States. Dream Industrial REIT’s objective is to continue to grow and improve the quality of its portfolio, composed mainly of distribution and urban logistics assets, and to offer attractive overall returns to its unitholders. For more information, please visit www.dreamindustrialreit.ca.

Forward-looking information

This press release may contain forward-looking information within the meaning of applicable securities legislation. Forward-looking information can generally be identified by the use of forward-looking terms such as “outlook”, “objective”, “could”, “will”, “expect”, “intend”, “estimate”, “Anticipate”, “believe”, “should”, “plan” or “continue”, or similar expressions suggesting future results or events. Some of the specific forward-looking information contained in this press release may include, among others, our strategy to create long-term sustainable value for our stakeholders; opportunities to add energy efficient buildings to our portfolio and to add efficient lighting, sustainable roofing as well as renewable energy infrastructure within our existing portfolio; the expected closing date of the offering and the use of the proceeds. Forward-looking information is based on a number of assumptions and is subject to certain conditions. number of risks and uncertainties, many of which are beyond Dream Industrial REIT’s control, which could cause actual results to differ materially from those disclosed or implied by such forward-looking information. information search. These risks and uncertainties include, without limitation, global and local economic and business conditions; the uncertainties surrounding the COVID-19 pandemic; the financial situation of tenants; our ability to finance or refinance eligible green projects; fluctuations in interest and exchange rates; competetion; and the risk that there may be unforeseen events which cause the actual capital structure of the Trust, the overall cost of debt and the results of operations to differ from what the Trust currently expects. Our objectives and forward-looking statements are based on certain assumptions about each of our markets, including that the general economy remains stable, that the gradual recovery and growth of the general economy will continue over the remainder of 2021 and in 2022, interest remain stable, conditions within the real estate market remain consistent, competition and availability of acquisitions remain consistent with the current climate, capital markets continue to provide easy access to equity and / or debt, timing and the ability to sell certain properties will remain in line with the Trust’s expectations, the valuations to be performed on real estate sales will be in line with current IFRS values, occupancy levels will remain stable and the replacement of expiring leases will remain consistent. All forward-looking information contained in this press release is valid as of the date of this press release. Dream Industrial REIT does not undertake to update this forward-looking information, whether as a result of new information, future events or otherwise, except as required by law. Additional information on these assumptions and risks and uncertainties is contained in the documents filed by Dream Industrial REIT with securities regulators, including its most recent Annual Information Form and MD&A. These documents are also available on the Dream Industrial REIT website at www.dreamindustrialreit.ca.

See the source version on businesswire.com: https://www.businesswire.com/news/home/20211123005915/en/

Contacts

For more information, please contact:

DREAM INDUSTRIAL REAL ESTATE INVESTMENT TRUST

Brian Pauls
Chief Executive Officer
(416) 365-2365
[email protected]

Lenis Quan
Financial director
(416) 365-2353
[email protected]

Alexander Sannikov
CEO
(416) 365-4106
[email protected]


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