Dream Industrial Real Estate Investment Trust

Welcome to the Dream Industrial REIT second quarter conference call for Wednesday, August 5th, 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 Weed 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 a Dream Industrial REITs 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 filing with securities regulators, including its latest annual information form and MD&A. These filings are also available on Dream Industrial REIT's website at www.dreamindustrialreit.ca. Your host for today will be Mr. Alexander Sannikov, CEO of Dream Industrial REIT. Mr. Sannikov, please proceed.

Thank you. Good morning, everyone. Thank you for joining us today for Dream Industrial REIT's second quarter 2026 conference call. Here with me today is Gordon Wadley, our Chief Operating Officer and Lenis Quan, our Chief Financial Officer. We delivered another quarter of strong operating and financial results and achieved some significant milestones during the quarter. For the quarter, we delivered 10.3% year-over-year comparative properties NOI growth, driven by healthy leasing activity, leasing spreads and strong occupancy. The strong pace of organic growth drove FFO per unit growth nearly 8% over last year. We also announced a 2.5% increase in our distribution, first since 2013. This increase is supported by our robust operating and financial performance to date, the progress we have made in establishing various growth drivers for our business, our sort of balance sheet, and most importantly, the confidence we have in the outlook for the business. It is also consistent with our objective of increasing the distribution over time at a pace that represents a portion of our free cash flow growth so that the amount of retained cash flow available to be reinvested in our business continues to compound. We are executing on our strategic priorities and a key focus this year is redeploying the proceeds from the initial portfolio sale to the DCI venture with CPP Investments, which was completed in two tranches earlier this year. We have made good progress on the redeployment front. In addition to our NCIB activity, Since the beginning of the year, we have completed or placed under contract over $515 million of acquisitions across our wholly owned portfolio at accretive returns. Within our wholly owned portfolio, we have completed $332 million of acquisitions so far this year, adding over 2 million square feet of urban, infill, small bay and mid-bay assets across Canada and Europe. These assets were acquired at a going-in yield of approximately 6.3%, with strong embedded rental growth through translating into mark-to-market yield of approximately 7.4%. More recently, we completed the acquisition of an 11 asset portfolio located across major German urban areas and placed rents approximately 20% below market. We have further $140 million of acquisitions under contract or in exclusive negotiations across Canada and Europe that are expected to close in the third quarter at similar going-in yields and mark-to-market potential. In addition, we announced the Chancellor Gate transaction last week. This transaction helps us achieve multiple strategic objectives for our European business. We are entering the UK multi-led industrial sector, which is underpinned by strong structural demand tailwinds and constrained urban land supply. It is a natural extension of the small and mid-based strategy we have been executing across our markets. We're entering the market with a high-quality wholly owned portfolio of recently completed development assets in addition to two projects currently underway. We expect to invest $150 million in these assets at an expected yield on cost of 8%. Lastly, we're adding immediate scale to our private venture segment in Europe through existing vehicles and the new programmatic JV. For the existing vehicles, we are acquiring just over $40 million of co-investment interest alongside institutional partners and several JVs with a gross asset value of over $2 billion. These assets are expected to generate stabilized unlevered yield on cost of 7.5%. Given the scale of these JVs in the UK, we will explore opportunities to establish a property management platform in this market to grow our recurring revenue further. In addition, we're in advanced negotiations to set up a new partnership with a target gross asset value of $800 million, also focusing on multi-led industrial assets primarily in continental Europe. DIR is expected to have a 5% stake in this new JV and provide property management and leasing services in Germany and Netherlands where we have an in-house platform. Our existing private venture segment is performing well and continues to scale and contribute to our overall earnings. Operationally, the performance is in line with our business plan as we see improving fundamentals across our markets. Since the beginning of 2025, these JVs have completed over $660 million of acquisitions in addition to the recapitalization of the seed portfolio by the DCI JV. and our net property management income grew nearly 28% year-over-year this quarter. The acquisition pipeline remains robust for our JVs through marketed and off-market opportunities and in addition we continue to recycle capital out of non-strategic assets at accreted returns. Lastly, we're making progress on our power procurement program for select assets that we have identified as candidates for data center development. We are responding to various RFPs from occupiers and have seen the level of engagement generally increasing over the past quarter. In parallel, we are working with various utilities to put in place formal agreements for power delivery timelines. We will report back with more details as we make progress. Overall, we are encouraged by our financial results, operational progress and advancement of our strategic initiatives. I will now turn it over to Gord to discuss our operational highlights.

Thank you, Alex. The industrial sector is demonstrating resilience despite ongoing volatility from macro events. The Canadian industrial market strengthened over the prior quarter. National availability declined quarter over quarter, with most major markets posting flat or reduced availability. Moreover, the new supply pipeline continues to moderate, supporting leasing fundamentals in major markets nationally. We expect these trends to support continued absorption and rent growth expectations across most of our operating markets. These trends in improving market dynamics are reflected in our operating results. Committed occupancy in Canada was 96.8% at quarter end, up 150 basis points from a year ago, while our in-place occupancy of 96% is 200 basis points higher year over year. This absorption is driven by the lease-up of several vacancies in Quebec and our recently completed development in Alberta, which is now 100% leased. We are seeing more deal velocity, including development leasing. We have completed 247 deals for over 6.1 million square feet across the whole platform, inclusive of private ventures since January of 2026. Of this, 173 deals for 3.3 million square feet were leased across our wholly owned DIR portfolio at a weighted average rental spread of 21.1% over prior or expiring rents, including 1.1 million square feet of new leasing. Leasing economics remain disciplined. Walls continue to be stable with average lease terms of 4.1 years. Compared to 2025, we are seeing a reduction in lease incentives across major markets, resulting in continued growth in net effective rents portfolio-wide. This trend is strongest in Calgary, where we are starting to see a healthy pace of rental growth and upward pressure on rental escalators. We are also seeing it impact the GTA, as surplus availability in that market gets absorbed. We expect incentives to normalize further, in turn putting upward pressure on net effective rents and ultimately translating to higher face rents. Our development leasing momentum has also accelerated. During the quarter, we signed over 370,000 square feet of leases at projects across our broader industrial platform, including the Greater Toronto Area and the Kitchener-Waterloo Corridor. Notably, we signed a 265,000 square foot 10-year lease with a global automotive manufacturer at our project in Cambridge, Ontario, bringing the property to 100% occupancy starting in the third quarter. This project has now generated an unlevered yield on cost of 6.7%. Subsequent to the quarter, we entered into a binding lease for 127,000 square feet at our recently completed redevelopment project in Whitby and our advanced negotiations for another 110,000 square feet, which would lift occupancy at the property to over 60%. Over in Europe, leasing velocity for urban mid-bay assets has remained resilient, and we continue to see positive absorption in that segment, while absorption timelines for larger bay products have been somewhat slower. In-place occupancy in Europe was 92.5% at quarter end, primarily reflecting an anticipated transitory vacancy in Spain, as well as the vacant value-add asset in the Netherlands that we acquired last quarter. We are in advanced negotiations to lease up both vacancies. The leasing pipeline remains strong, with multiple ongoing negotiations. Despite the temporary occupancy pressure, our European portfolio delivered solid comparative properties NOI growth of 5.6% year over year in the quarter. This growth was supported by CPI-linked rent increases, higher rents on new and renewed leases, and contributions from completed intensification projects. Importantly, our European leases are indexed to local CPI or include contractual rent steps. providing embedded annual growth across the portfolio. As those indexation provisions reset, they provide potential upside to NOI in 2027. In addition, our transitory vacancies are attracting good lease discussions and tours, which when leased would set us up well for the strong operating performance in our European portfolio to continue into next year in terms of occupancy and CP NOI growth. Overall, our leasing pipeline remains healthy with over 35 deals and 2.5 million square feet in various stages of negotiations, coupled with continued tour velocity and deal economics. We are encouraged by the trajectory of our occupancy across the portfolio for the balance of 2026. I will now turn it over to Lenis to discuss our financial highlights.