Dream Industrial REIT lifts comparative NOI 8.5% in Q3 on 32.3% leasing spreads

Dream Industrial REIT reported a strong third quarter on Nov 3, with leasing spreads doing the heavy lifting across its Canadian industrial portfolio.

Comparative properties NOI rose 8.5% to $104.1M. Diluted FFO per unit was $0.28, up 3.8%, and net income was $65.4M, up 42.8%.

Leasing was the driver. Dream signed 2.6M sq ft in Q3 at a 32.3% weighted average spread. Post quarter spreads were 32.4%, with Ontario at 58.7% and Quebec at 54.7%. Occupancy was 94.2% in place and 94.5% committed.

Growth continued after quarter end as well. Dream completed $569M of wholly owned acquisitions in 2026, covering 2.8M sq ft and five development sites, plus over $1B through private ventures.

For industrial investors in Ontario and Quebec, spreads above 30%, and above 50% in Ontario and Quebec post quarter, mean in place rents still sit well below market on expiring leases. Price industrial assets on the mark to market in the lease expiry schedule, and expect sellers to argue for it with prints like these.

Source: Dream Industrial REIT Q3 results, reported Nov 3, 2026.