Dream Industrial Real Estate Investment Trust

Hello, welcome to the Dream Industrial REIT fourth quarter conference call for Wednesday, February 18, 2026. Please be advised that all participants are currently in listen-only mode and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. To join the question queue, you may press star then one on your telephone keypad. Should you need assistance during the conference call, you may signal an operator by pressing star then zero. During this call, management of Dream Industrial REIT may make statements containing forward-looking information within the meaning of applicable securities legislation. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Dream Industrial REIT's control that could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. Additional information about these assumptions and risks and uncertainties is contained in Dream Industrial REITs filings with securities regulators, including its latest annual information form and MD&A. These filings are also available on Dream Industrial REITs website at www.dreamindustrialreit.ca. Your host for today will be Mr. Alexander Sanikov, CEO of Dream Industrial REIT. Mr. Sanikov, please proceed.

Thank you. Good morning, everyone. Thank you for joining us today for Dream Industrial REIT's year-end 2025 conference call. Here with me today is Gord Wadley, our recently appointed Chief Operating Officer, who we are happy to welcome to the industrial team, and Linus Kwan, our Chief Financial Officer. 2025 was characterized by significant volatility and unprecedented changes to the global trade environment. Despite this volatility, our results, once again, demonstrated the resilience of our business. In 2025, we delivered FFO per unit of $1.05, a 5% increase year over year. Our average in-place rent increased by 8%, driving comparative properties NOI growth of approximately 6% for the full year. After a turbulent start of 2025, the leasing environment strengthened towards the second half of the year. We have seen a solid uptick in leasing velocity across our key markets, translating into positive absorption and stabilization of asking rents. Across our platform, we signed over 10 million square feet of leases at 30% spreads during the year, including 1.2 million square feet of development leasing. We ended the year with in-place and committed occupancy of 96.2% and a healthy tenant retention ratio of approximately 70%. Over the past few years, we have successfully captured meaningful upside embedded within our portfolio. There's still significant mark-to-market opportunity in the next two to three years, especially in our Canadian portfolio. In addition, we expect market rents growth to resume in the second half of 2026 and into 2027, following over two years of muted market rent development. During this time, we worked diligently to enhance our business by adding strong ancillary revenue drivers, complementing our core operations, and allowing us to continue driving FFO and cash flow growth irrespective of the amount of upward pressure on market rents. Our solar and our private capital business are the most established within our portfolio of ancillary revenue opportunities. These businesses continue to see healthy growth trajectory significantly outpacing growth rates in our core business and are already meaningfully contributing to our FFO and cash flow. Through the execution of these levers, we have significantly grown our free cash flow and meaningfully reduced our payout ratio over the last five years. In addition to deploying the retained cash flow, we are actively recycling capital to enhance our return profile further. During the year, we completed or firmed up on over $850 million of dispositions at premium to our IFRS values, including the formation of the DCI joint venture with CPP Investments. The first tranche of the recapitalization of our 3.6 million square foot portfolio by the DCI JV closed in early February, resulting in estimated net proceeds of $375 million. The deployment opportunities offering the strongest risk-adjusted returns within our investable universe are all unique to our business and include our intensification program, activation of our land bank, solar, and co-investments in our private partnerships. Beyond these opportunities, we're looking to deploy our capital into selective unit buybacks and accretive acquisitions. Our on-balance sheet acquisition pipeline is robust, with over 350 million of opportunities currently in exclusive negotiations. These are midday infill assets in our core existing markets, with going-in cap rates on these assets is just below 6% on average, and there's strong reversion opportunity translating into mark-to-market cap rates in the mid-7% range. As we deploy the proceeds from already completed and firm dispositions, we intend to continue recycling capital out of non-strategic assets into our core strategy focusing on urban infill midday assets and selective new development that benefits from structural demand tailwinds. Looking ahead, while we recognize that the geopolitical uncertainty and trade tensions will continue to persist in 2026, our key growth drivers remain firmly intact. We are encouraged by the operational tailwinds a strong access to capital, and attractive deployment opportunities, all underpinned by a solar balance sheet. With now, I will turn it over to Gord to discuss our operational highlights.

That's great. Thank you very much for the introduction, Alex. It's really good to be with you all again today and share firsthand some of the great work our team is doing across the platform. I'm really looking forward to executing on the robust opportunity set within the industrial business. Our portfolio continues to generate very stable and consistent cash flow growth, which is a testament not just to the quality and location of our assets, but also the leasing and operating teams we have in each region that ensure we are achieving our goals. In the fourth quarter, just from a macro perspective, the Canadian industrial leasing market continued to stabilize with 6 million square feet of net absorption recorded during the quarter. This represents the strongest pace of absorption in the last 12 quarters. Combine this with a shrinking supply pipeline and a transition to more build-to-suit developments, the outlook for fundamentals has improved across most of our operating regions. Across our specific occupier markets, we continue to observe sustained demand for our assets in core urban locations. Since the beginning of October, we've completed over 2.1 million square feet of leasing at an average rental spread of 14.3%. bringing year-to-date leasing to a very strong 7.4 million square feet at an average spread of 19.6%. This directly underscores the embedded mark-to-market opportunities across our portfolio. As Alex pointed out earlier, we're very encouraged by the recent leasing trends across key markets. Starting with the GTA, this market continues to lead the country in terms of absorption and leasing momentum. we recorded one of the strongest quarters of net absorption in 2025 in the region. This was driven in large part by solid demand across small and mid-bay product and improving activity in larger format space. I'm quite pleased to share that our team did approximately 2.5 million square feet of leasing in this market across the platform over the course of 2025 alone and approximately 610,000 square feet in Q4 with a rental rate spread of 58%. We're also seeing significant new requirements in the market that have been waiting on the sidelines since the normalization process in 2024. Based on recent market research from major brokerages houses, there's been over 40 million square feet of active industrial requirements across Canada. You know, when you look at markets such as Calgary and Vancouver, active requirements significantly outpace current availability in that market and account for 40% of current availability in the GTA. In Quebec, I wanted to touch on that small and mid-bay leasing supported modest occupancy gains in Q4 2025, driven by the lease-up of smaller vacancies. While elevated sublease availability and excess large bay inventory continued to weigh on overall market conditions, pushing the overall vacancy rate to just under 6%. Despite these near-term headwinds, demand for very well-located and functional mid-bay space remains quite healthy. especially for on-island product, with small to mid-bay availability stabilizing in low to mid-single-digit range. Good renewal activity, strong tenant relations, and steady absorption has allowed our team to maintain occupancy and capture rental growth where conditions support it. A great example that I want to draw everyone's attention to of this momentum is our 366,000-square-foot asset in Laval. where we successfully re-geared the entire building occupied by three tenants to market rents. These renewals were completed at starting rental rates of $13 to $14 with average annual escalations of 3%, achieving a spread of over 70% compared to prior rents. Notably, we also re-geared 137,000 square foot lease within the building five years sooner and did better than expectations. In Western Canada, leasing conditions remained very strong. During the fourth quarter, we transacted over 800,000 square feet. Calgary and Edmonton benefited from solid renewal and backfill activity, and leasing spreads since October have averaged to high teens. At our Balzac 20 development, we completed 20 new leases during the quarter, achieving full lease-up at rents in the mid $10 per square foot range, with approximately 3% annual steps. This commences in early 2026. We also stabilized our Balzac 50 development through a 245,000 square foot lease at starting rents of $9.75 per square foot with escalations of about 2.5%. These two marquee developments in Calgary are now 100% leased and expected annual NOI contribution of over $10 million. The strong leasing performance highlights sustained industrial demand for the Calgary region and reinforces our strategy of delivering modern, well-located logistics assets to meet the need of national and global occupiers. In Europe, we're also observing very robust leasing activity. The leasing market has been somewhat less impacted by tariffs in 2025, and we have continued to see very resilient fundamentals with new demand drivers for industrial space, such as defense and nearshoring becoming more prominent. Availability has stabilized in the low-mid to single-digit range and is trending downwards, with increasing take-up and declining supply. Our team expect market rent growth across our core markets in the Netherlands and Germany to outpace inflation in the very near term. To date, we've already addressed over 40% of our 2026 expiries, and since the start of 2026, we have signed or advanced negotiations on over 1.3 million square feet of space, positioning us very well as we move throughout the year. I will now turn it over to my friend Lennis to discuss the financial highlights. Thank you.