Q2 2024 Dream Industrial Real Estate Investment Trust Earnings Call Transcript
Key Points
- Dream Industrial Real Estate Investment Trust (DREUF) reported a 5% year-over-year comparative properties NOI growth for Q2 2024.
- The company achieved FFO per unit of $0.25, in line with guidance.
- Over half a million square feet of projects were leased or conditionally leased at strong rents across Ontario and Alberta.
- The Corporate Park redevelopment in Mississauga is now fully leased, contributing over $4.5 million to annual NOI.
- DREUF completed $50 million of dispositions across Canada and Europe at above pre-sale IFRS values, enhancing portfolio quality.
- The pace of demand across the industrial market has normalized compared to 24 months ago, leading to an uptick in availability.
- There has been an increase in sublease options, which is expected to continue trending upwards for the next quarter or two.
- The company expects a slight decline in in-place occupancy for Q3 2024.
- Higher cap rates in Europe partially offset the increase in net per unit value.
- The current environment is less certain compared to 24 months ago, impacting broader market observations.
And welcome to the James Industrial rates Second Quarter 2024 results conference call on Wednesday, August seventh, 2024. Please be advised that all participants are currently in listen-only mode and the conference is being recorded. And 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 Reed 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 REIT's filings with securities
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