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Canada's Dream Industrial REIT Q3 net rental income jumps on strong leasing activity 

By Reuters News


Overview

  • Canada industrial property owner's Q3 net rental income rose 4.7% yr/yr

  • Diluted FFO per unit for Q3 up 3.8% yr/yr

  • Q3 net income increased 42.8% yr/yr


Outlook

  • Dream Industrial REIT says available liquidity increased to C$640 mln after recent debenture issuance

  • Company expects unlevered yield on cost of 6.2% at Whitby redevelopment upon full leasing

  • Trust expects Chancerygate development projects to generate unlevered yield on cost of 8.0% upon stabilization


Result Drivers

  • LEASING ACTIVITY - Co said strong leasing volume and high rental spreads drove organic NOI growth

  • ACQUISITIONS - Co attributed results to $569 mln of acquisitions and over $1 bln of investment activity in private ventures

  • REGIONAL GROWTH - Co said net rental income growth was driven by increases in Ontario, Québec, Western Canada and Europe


Company press release:


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q3 Net Rental Income

C$103.03 mln

Q3 Net Income

C$65.44 mln

Q3 FFO

C$79.64 mln


Analyst Coverage

  • The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 9 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

  • The average consensus recommendation for the commercial reits peer group is "buy"

  • Wall Street's median 12-month price target for Dream Industrial REIT is C$16.00, about 26.2% above its November 3 closing price of C$12.68

  • The stock recently traded at 12 times the next 12-month earnings vs. a P/E of 13 three months ago


Reuters Recommended Reads

  • Nov 2 - Canada's First Capital REIT Q3 operating FFO per unit rises on higher net operating income

  • Nov 2 - Canada's RioCan Q3 core FFO per unit up 5.1% on retail occupancy strength

  • Nov 3 - Canada's Melcor Developments Q3 revenue, FFO fall on lower land sales


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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