Dream Industrial Real Estate Investment Trust (DREUF)

DREUF Income Statement

Financials in millions CAD. Fiscal year is January - December.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Mar 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Rental Revenue	473.02	466.22	437.6	369.57	289.82	235.95
Other Revenue	37.48	42.98	4.94	38.48	39.27	-
Total Revenue	515.03	514.56	443.11	408.72	331.67	236.84
Revenue Growth (YoY	7.03%	16.12%	8.41%	23.23%	40.04%	20.08%
Property Expenses	111.74	110.79	103.42	87.98	71.92	67.06
Selling, General & Administrative	31.48	31.83	32.15	30.26	22.81	16.89
Total Operating Expenses	139.62	138.38	139.6	113.41	99.91	84.98
Operating Income	375.41	376.18	303.52	295.31	231.76	151.86
Interest Expense	-100.46	-99.07	-85.5	-18.5	-31.2	-53.67
Currency Exchange Gain (Loss)	-2.67	-1.59	1.25	-11.98	2.09	1.58
Other Non-Operating Income	11.85	18.62	-49.48	97.76	-119.4	-6.69
EBT Excluding Unusual Items	284.13	294.14	169.79	362.6	83.25	93.08
Gain (Loss) on Sale of Investments	-	-	-	-	0.91	-
Asset Writedown	-45.22	-24.77	-66.69	363.03	586.01	120.08
Other Unusual Items	-	-	-	-0.26	-31.57	-4.32
Pretax Income	238.91	269.38	103.1	725.37	638.6	208.83
Income Tax Expense	6.38	9.76	-1.2	19.48	30.26	8.68
Earnings From Continuing Operations	232.52	259.61	104.3	705.89	608.35	200.16
Earnings From Discontinued Operations	-	-	-	-	-	-0.02
Net Income	232.52	259.61	104.3	705.89	608.35	200.14
Net Income to Common	232.52	259.61	104.3	705.89	608.35	200.14
Net Income Growth	18.27%	148.91%	-85.22%	16.03%	203.97%	11.54%
Basic Shares Outstanding	285	278	273	257	234	153
Diluted Shares Outstanding	285	278	273	257	234	153
Shares Change (YoY)	3.85%	1.68%	6.48%	9.72%	53.17%	13.26%
EPS (Basic)	0.82	0.93	0.38	2.75	2.60	1.31
EPS (Diluted)	0.82	0.93	0.38	2.75	2.60	1.31
EPS Growth	13.88%	144.81%	-86.12%	5.75%	98.44%	-1.52%
Dividend Per Share	0.705	0.700	0.700	0.700	0.700	0.700
Dividend Growth	0.71%	-0.01%	-	-	-	0.01%
Operating Margin	72.89%	73.11%	68.50%	72.25%	69.88%	64.12%
Profit Margin	45.15%	50.45%	23.54%	172.70%	183.42%	84.50%
EBITDA	-	376.19	303.7	295.31	231.78	151.87
EBITDA Margin	-	73.11%	68.54%	72.25%	69.88%	64.13%
D&A For Ebitda	-	0.01	0.18	0	0.02	0.02
EBIT	375.41	376.18	303.52	295.31	231.76	151.86
EBIT Margin	72.89%	73.11%	68.50%	72.25%	69.88%	64.12%
Funds From Operations (FFO)	294.18	288.88	274.63	240.49	-	-
FFO Per Share	1.01	1.00	0.98	0.89	-	-
Adjusted Funds From Operations (AFFO)	-	288.88	274.63	240.49	-	-
AFFO Per Share	-	1.00	0.98	0.89	-	-
FFO Payout Ratio	48.28%	48.55%	48.93%	56.58%	-	-
Effective Tax Rate	2.67%	3.62%	-	2.69%	4.74%	4.15%

Updated Feb 19, 2025. Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.