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Owns and leases industrial and logistics properties across Canada and Europe.
Owns and leases industrial and logistics properties across Canada and Europe.
Earns rent under multi-year leases to logistics and manufacturing tenants, with built-in rent increases and a reset toward market rents when leases renew, so income grows as it buys or builds space and as rents rise. It is managed by an affiliate of Dream Unlimited rather than having its own staff.
Moat: narrow (scale, installed base). Diversified industrial portfolio across two continents benefits from e-commerce/logistics demand.
Headquarters: Toronto, Canada · Employees: 170
Size Dream Industrial Real Estate Investment Trust (DIR-UN.TO) is a Canada Real Estate company (Real Estate Investment Trusts) with a market value of $2.58B, the 168th largest of 420 Canada companies the cockpit tracks. Shares closed at C$12.91 on 6 Nov 2026.
Performance Over six months the shares fell 8.2%, against -2.1% for the median peer and +5.2% for the Canada market (cap-weighted) — 5th lowest of 21 in its peer set.
Growth Revenue grew 6.5% over the last twelve months (peer median +6.4%); the operating margin is 70.1% (peer median 38.3%).
Valuation It trades at 0.78× book value against a peer median of 1.31× (4th cheapest of 21).
Price implies The share price implies a return on equity of about 8.4%; Dream Industrial Real Estate Investment Trust delivers 3.9%, so the price asks more than the business earns today.
Next results Next results expected around 16 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | C$528M | C$508M | C$472M | C$438M | C$370M |
| Revenue growth | — | +8% | +8% | +18% | — |
| Gross profit | C$391M | C$374M | C$346M | C$320M | C$270M |
| EBITDA | C$376M | C$344M | C$338M | C$233M | C$373M |
| Net income | C$188M | C$170M | C$260M | C$104M | C$706M |
| Free cash flow | C$65.7M | C$141M | C$111M | C$69.4M | C$39.4M |
| Capital expenditure | C$110M | C$116M | C$144M | C$187M | C$148M |
| Total debt | C$3.16B | C$3.12B | C$2.97B | C$2.85B | C$2.41B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Dream Industrial Real Estate Investment Trust DIR-UN.TO | $2.58B | -8% | +6% | 4% | 0.78× | 8.4% |
| Granite Real Estate Investment Trust GRT-UN.TO | $3.85B | -6% | +9% | 7% | 0.93× | 10.4% |
| Prologis PLD | $123B | -11% | +7% | 8% | 2.16× | 20.9% |
| SEGRO SGRO.L | $16.6B | +33% | +7% | 2% | 1.03× | 14.8% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | DIR-UN.TO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +1.6% | +7.2% | 3rd lowest of 21 |
| 6-month return | -8.2% | -2.1% | 5th lowest of 21 |
| Return on equity | 3.9% | 5.0% | 10th lowest of 21 |
| Price / book | 0.78× | 1.31× | 4th cheapest of 21 |
| Trailing P/E | 20.0× | 21.3× | 9th cheapest of 19 |
| ROE the price implies | 8.4% | 10.0% | 6th least demanding of 21 |
| ROE delivered | 3.9% | 4.9% | 10th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Dream Industrial Real Estate Investment Trust DIR-UN.TO | Canada | $2.58B | -8% | +6% | 4% | 0.78× | 8.4% | 3.9% |
| Urban Edge Properties UE | United States | $2.58B | -6% | +6% | 8% | 1.95× | 16.9% | 8.0% |
| Four Corners Property Trust FCPT | United States | $2.57B | -7% | +10% | 8% | 1.58× | 12.2% | 7.5% |
| CapitaLand Ascott Trust HMN.SI | Singapore | $2.55B | -6% | +5% | 7% | 0.74× | 4.7% | 6.5% |
| LTC Properties LTC | United States | $2.52B | +14% | +69% | 39% | 1.50× | 9.9% | 38.7% |
| Big Yellow BYG.L | United Kingdom | $2.50B | +11% | +2% | 5% | 0.72× | 8.8% | 4.8% |
| InvenTrust Properties IVT | United States | $2.46B | +1% | +13% | 2% | 1.38× | 11.0% | 1.6% |
| Acadia Realty Trust AKR | United States | $2.74B | -9% | 0% | 2% | 1.17× | 11.8% | 1.6% |
| Advance Residence Investment 3269.T | Japan | $2.42B | -18% | -4% | 7% | 1.54× | 5.8% | 7.3% |
| Frasers Logistics & Commercial Trust BUOU.SI | Singapore | $2.76B | -6% | 0% | 5% | 0.82× | 4.2% | 5.1% |
| Dynex Capital DX | United States | $2.77B | -20% | +142% | -2% | 0.98× | 9.6% | -2.0% |
| Hammerson HMSO.L | United Kingdom | $2.80B | +13% | +92% | 11% | 0.90× | 18.4% | 10.6% |
| Japan Prime Realty Investment 8955.T | Japan | $2.37B | -7% | -13% | 7% | 1.31× | 5.2% | 6.8% |
| NETSTREIT NTST | United States | $2.37B | -9% | +27% | 1% | 1.18× | 10.0% | 1.3% |
| Pebblebrook Hotel Trust PEB | United States | $2.36B | +43% | +3% | -3% | 1.01× | 12.2% | -2.8% |
| Sunstone Hotel Investors SHO | United States | $2.33B | +19% | +7% | 3% | 1.42× | 12.8% | 2.7% |
| Derwent London DLN.L | United Kingdom | $2.87B | +15% | +45% | 1% | 0.62× | 10.0% | 1.4% |
| DiamondRock Hospitality DRH | United States | $2.88B | +30% | +2% | 11% | 1.86× | 16.4% | 10.6% |
| SmartStop Self Storage REIT SMA | United States | $2.31B | +20% | +21% | 2% | 1.86× | 9.3% | 2.4% |
| Invincible Investment 8963.T | Japan | $2.94B | -1% | +10% | 9% | 1.31× | 6.2% | 8.9% |
| Crombie Real Estate Investment Trust CRR-UN.TO | Canada | $2.22B | -3% | +4% | -3% | 1.70× | 11.5% | -3.2% |