Dream Industrial Real Estate Investment Trust (DIR.UN) Stock Overview
An owner, manager, and operator of a global portfolio of well-located, diversified industrial properties. More details
| Snowflake Score | |
|---|---|
| Valuation | 1/6 |
| Future Growth | 3/6 |
| Past Performance | 1/6 |
| Financial Health | 1/6 |
| Dividends | 4/6 |
DIR.UN Community Fair Values
Create NarrativeSee what 42 others think this stock is worth. Follow their fair value or set your own to get alerts.
Analyst Price Targets
Dream Industrial Real Estate Investment Trust Competitors
Price History & Performance
| Historical stock prices | |
|---|---|
| Current Share Price | CA$13.91 |
| 52 Week High | CA$14.41 |
| 52 Week Low | CA$11.20 |
| Beta | 1.26 |
| 1 Month Change | 2.35% |
| 3 Month Change | 10.66% |
| 1 Year Change | 22.12% |
| 3 Year Change | -0.29% |
| 5 Year Change | -5.18% |
| Change since IPO | 27.61% |
Recent News & Updates
Recent updates
Narrative Update • May 11
DIR.UN: Incremental Buybacks And Refined Assumptions Will Shape Future Unit Returns
Analysts have nudged the fair value estimate for Dream Industrial Real Estate Investment Trust higher, lifting the price target from CA$15.18 to CA$15.45. This adjustment is supported by recent Street research that points to a lower discount rate, a higher projected profit margin, a more modest assumed revenue growth profile, and a reduced future P/E multiple.Narrative Update • Apr 21
DIR.UN: Buybacks And Tighter Price Range Will Shape Future Unit Returns
Analysts have nudged the fair value estimate for Dream Industrial Real Estate Investment Trust higher to CA$15.18 from CA$15.13, reflecting the recent wave of price target increases to a range of CA$14.50 to CA$15.50 as they factor in updated assumptions on discount rate, revenue growth, profit margin and future P/E. Analyst Commentary Recent research points to a cluster of optimistic views on Dream Industrial Real Estate Investment Trust, with several firms lifting their price targets into a relatively tight band between CA$14.50 and CA$15.50.Narrative Update • Apr 07
DIR.UN: Buybacks And Higher Earnings Visibility Will Support Future Unit Upside
Analysts have lifted their average price targets on Dream Industrial Real Estate Investment Trust toward the CA$15 to CA$15.50 range, reflecting updated views on its risk profile, long term revenue assumptions and P/E expectations. Analyst Commentary Recent research activity has clustered around higher price targets for Dream Industrial Real Estate Investment Trust in the CA$14.50 to CA$15.50 range, with several firms reiterating positive ratings alongside these new targets.Narrative Update • Mar 23
DIR.UN: Buybacks And Higher Discounted Earnings Will Support Future Unit Upside
Analysts have nudged the consolidated price target for Dream Industrial Real Estate Investment Trust slightly higher to about CA$15.13, as a series of recent target increases from CA$14 to a range of CA$14.50 to CA$15.50 is reflected in updated assumptions on the discount rate, revenue growth, profit margins and future P/E. Analyst Commentary Recent research updates cluster around higher price targets for Dream Industrial Real Estate Investment Trust, with targets now cited between CA$14.50 and CA$15.50 and an average near CA$15.13.Narrative Update • Mar 06
DIR.UN: CPP Partnership And Buybacks Will Support Upside Versus Current Units
Analysts have lifted their average price target on Dream Industrial Real Estate Investment Trust to about CA$15.10 from CA$14.68, reflecting updated views on margins, discount rate and forward P/E after several firms raised their targets into the CA$14.50 to CA$15.50 range. Analyst Commentary Recent research points to a cluster of higher targets in the CA$14.50 to CA$15.50 range, with ratings generally framed as positive on the units.Narrative Update • Feb 18
DIR.UN: New CPP Joint Venture Will Support Fairly Valued Outlook
Analysts have maintained their fair value estimate for Dream Industrial Real Estate Investment Trust at CA$14.68 while trimming their future P/E assumption from 16.88 to 16.09 as they factor in a slightly higher discount rate and largely unchanged revenue growth and profit margin expectations. What's in the News Dream Industrial Real Estate Investment Trust agreed to sell a portfolio of 12 Canadian industrial assets totaling 3.6 million square feet across Ontario, Quebec, and Alberta to a new joint venture with Canada Pension Plan Investment Board for $805 million, with pricing described as slightly above the IFRS value of the portfolio (Key Developments).Narrative Update • Feb 04
DIR.UN: Outperform Rating And C$15 Outlook Will Be Supported By New Joint Venture
Analysts have raised their price target on Dream Industrial Real Estate Investment Trust to C$15.00 from C$14.50, reflecting updated views on the trust's earnings profile and valuation, using a slightly higher discount rate and a future P/E of about 16.9x. Analyst Commentary Recent research points to a modestly higher valuation framework for Dream Industrial Real Estate Investment Trust, with the price target adjusted to C$15.00 and the P/E assumption set around 16.9x.Narrative Update • Jan 21
DIR.UN: Outperform Rating And C$15 Outlook Will Support Further Upside
Analysts have nudged their fair value estimate for Dream Industrial Real Estate Investment Trust to $14.68 from $14.58, reflecting a slightly lower discount rate and updated future P/E assumptions that are broadly in line with the recent Street move to a C$15 price target. Analyst Commentary Recent Street commentary has inched higher on Dream Industrial Real Estate Investment Trust, with one large Canadian bank moving its price target to C$15 from C$14.50.Narrative Update • Jan 07
DIR.UN: Outperform Rating And C$15 Outlook Will Support Future Upside
Analysts have nudged their price target on Dream Industrial Real Estate Investment Trust higher to C$15 from C$14.50, citing updated views on the trust's outlook that keep the overall valuation framework broadly unchanged. Analyst Commentary Bullish Takeaways Bullish analysts view the move to a C$15 price target as consistent with their existing positive stance, suggesting the recent review supports their prior thesis rather than requiring a major reset.Narrative Update • Dec 22
DIR.UN: Outperform Rating Expected To Drive Future Upside As C$15 Signal Builds Confidence
Analysts have nudged their fair value estimate for Dream Industrial Real Estate Investment Trust higher, from C$14.25 to approximately C$14.58, citing a slightly lower discount rate, modestly stronger revenue growth expectations, and supportive upward revisions to Street price targets. Analyst Commentary Bullish analysts point to the recent upward revision in price targets as evidence that the market is gaining confidence in Dream Industrial Real Estate Investment Trust's earnings trajectory, balance sheet resilience, and ability to execute on its growth pipeline.Narrative Update • Dec 08
DIR.UN: Outperform Rating Expected To Drive Future Upside After C$15 Price Signal
Analysts have nudged their price target on Dream Industrial Real Estate Investment Trust slightly higher, lifting it by C$0.05 to reflect modestly stronger margin expectations despite a marginally softer revenue growth outlook. Analyst Commentary Bullish analysts point to the higher price target as evidence that expectations for operating efficiency and cash flow generation are improving, even as revenue growth forecasts are tempered.Narrative Update • Nov 24
DIR.UN: Future Upside Expected As Outperform Maintained After Scotiabank Raises Price
Analysts have increased their price target for Dream Industrial Real Estate Investment Trust from $14.03 to $14.20. They cite continued strong profit margin expectations and supportive research outlooks as reasons for this adjustment.Narrative Update • Nov 07
DIR.UN: Future Upside Expected as Outperform Rating Maintained After C$15 Price Update
The analyst price target for Dream Industrial Real Estate Investment Trust increased by $0.10 to $14.03. This reflects analysts’ positive view of higher revenue growth expectations, despite a modest uptick in the discount rate and a slightly lower profit margin projection.Narrative Update • Oct 22
Analysts Lift Target for Dream Industrial REIT as Valuation Edges Up Amid Equity Offering Shift
Analysts have modestly raised their price target for Dream Industrial Real Estate Investment Trust by $0.03 to $13.93, citing updated assumptions on discount rates and future earnings potential. What's in the News Dream Industrial Real Estate Investment Trust has withdrawn its Follow-on Equity Offering for CAD 250 million.Narrative Update • Oct 08
North American And European Logistics Expansion Will Drive Future Progress
The analyst price target for Dream Industrial Real Estate Investment Trust has been raised from C$13.78 to C$13.90. Analysts cite improved revenue growth projections and a stronger outlook for the company's underlying real estate portfolio.
New Narrative • Mar 15
Canadian Lease Renewals Will Capitalize On 35% Market Rent Spreads
Strong leasing momentum and high market rent spreads could drive revenue growth through new leases and renewal upside potential.Shareholder Returns
| DIR.UN | CA Industrial REITs | CA Market | |
|---|---|---|---|
| 7D | -1.5% | -1.7% | 1.8% |
| 1Y | 22.1% | 24.0% | 33.9% |
Return vs Industry: DIR.UN matched the Canadian Industrial REITs industry which returned 21.7% over the past year.
Return vs Market: DIR.UN underperformed the Canadian Market which returned 32.3% over the past year.
Price Volatility
| DIR.UN volatility | |
|---|---|
| DIR.UN Average Weekly Movement | 2.9% |
| Industrial REITs Industry Average Movement | 3.0% |
| Market Average Movement | 10.0% |
| 10% most volatile stocks in CA Market | 17.8% |
| 10% least volatile stocks in CA Market | 3.9% |
Stable Share Price: DIR.UN has not had significant price volatility in the past 3 months compared to the Canadian market.
Volatility Over Time: DIR.UN's weekly volatility (3%) has been stable over the past year.
About the Company
| Founded | Employees | CEO | Website |
|---|---|---|---|
| 2012 | n/a | Alex Sannikov | www.dreamindustrialreit.ca |
Dream Industrial Real Estate Investment Trust is an owner, manager, and operator of a global portfolio of well-located, diversified industrial properties. As at December 31, 2025, Dream Industrial REIT has an interest in and manages a portfolio which comprises 342 industrial assets (555 buildings) totaling approximately 73.6 million square feet of gross leasable area in key markets across Canada, Europe, and the U.S. Dream Industrial REIT’s objective is to deliver strong total returns to its unitholders through secure distributions as well as growth in net asset value and cash flow per unit underpinned by its high-quality portfolio and an investment grade balance sheet.
Dream Industrial Real Estate Investment Trust Fundamentals Summary
| DIR.UN fundamental statistics | |
|---|---|
| Market cap | CA$3.97b |
| Earnings (TTM) | CA$185.43m |
| Revenue (TTM) | CA$540.43m |
21.0x
P/E Ratio7.2x
P/S RatioIs DIR.UN overvalued?
See Fair Value and valuation analysisEarnings & Revenue
| DIR.UN income statement (TTM) | |
|---|---|
| Revenue | CA$540.43m |
| Cost of Revenue | CA$122.26m |
| Gross Profit | CA$418.17m |
| Other Expenses | CA$232.74m |
| Earnings | CA$185.43m |
Last Reported Earnings
Mar 31, 2026
Next Earnings Date
n/a
| Earnings per share (EPS) | 0.66 |
| Gross Margin | 77.38% |
| Net Profit Margin | 34.31% |
| Debt/Equity Ratio | 62.8% |
How did DIR.UN perform over the long term?
See historical performance and comparisonDividends
5.0%
Current Dividend Yield51%
Payout RatioDoes DIR.UN pay a reliable dividends?
See DIR.UN dividend history and benchmarks| Dream Industrial Real Estate Investment Trust dividend dates | |
|---|---|
| Ex Dividend Date | May 29 2026 |
| Dividend Pay Date | Jun 15 2026 |
| Days until Ex dividend | 8 days |
| Days until Dividend pay date | 9 days |
Does DIR.UN pay a reliable dividends?
See DIR.UN dividend history and benchmarksCompany Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/06/04 16:54 |
| End of Day Share Price | 2026/06/04 00:00 |
| Earnings | 2026/03/31 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.
Learn about the world class team who designed and built the Simply Wall St analysis model.
Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
Dream Industrial Real Estate Investment Trust is covered by 13 analysts. 4 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Michael Markidis | BMO Capital Markets Equity Research |
| Mark Rothschild | Canaccord Genuity |
| Tal Woolley | CIBC Capital Markets |