About


Industrial_about_image

Dream Industrial REIT is a pure-play industrial REIT that owns high-quality industrial properties across Canada, the U.S. and Europe

Following our European expansion and acquisitions announced in January 2020, our pro forma portfolio comprises 263 properties totalling 26.3 million square feet.

Our Objectives

We are committed to:

  • providing predictable, sustainable cash distributions on a tax-efficient basis
  • improve and maintain strong balance sheet and financial flexibility
  • active asset management to drive strong comparative NOI growth
  • building and maintaining a diversified and growth-oriented portfolio
  • capitalizing on internal growth, seeking accretive acquisition opportunities
  • continue to add scale in our target markets
  • pursue attractive opportunities to improve overall portfolio quality
  • active asset management to drive strong comparative NOI growth

Our Strategy

Dream Industrial REIT’s core strategy is to grow our portfolio of industrial properties across Canada, the U.S. and now Europe, providing a solid platform for stable and growing cash flows by:

  • optimizing the performance, value and cash flow from our portfolio;
  • maintaining and strengthening our conservative financial profile;
  • growing and diversifying our portfolio to reduce risk; and
  • seeking accretive growth opportunities.

European Expansion

  • In January 2020, we announced our European expansion as part of Dream Industrial REIT’s transformation into a premier global real estate company.
  • We have quickly executed on our European expansion and have acquired, or are under contract to acquire, over $325 million of high-quality light industrial and logistics assets in Germany and the Netherlands.
  • The European expansion presents an unprecedented opportunity for Dream Industrial REIT to grow and upgrade the quality of its portfolio with significant economic benefits.

Debt + Hedging Strategy – Leveraging European Platform

  • We intend to hedge our Euro capital exposure by borrowing up to 100% of the Euro value of our portfolio to mitigate currency risk. The debt will be a combination of unsecured and secured financings on properties in Europe and North America, denominated in euros.
  • We intend to pursue a more conservative leverage structure and optimize sources of debt capital by borrowing up to 100% of the Euro value of our portfolio, while concurrently reducing our debt in North America to maintain an overall leverage ratio below 40%.
  • We believe this strategy will allow us to achieve lower overall interest expense while mitigating currency risk on our investments.
  • We intend to continue to increase our unencumbered asset pool, pursue an investment grade credit rating and obtain unsecured financings in 2020.

Unique Advantages in Europe:

Leveraging expertise, deep local relationships with tenants, lenders and brokers to support DIR’s growth and success in Europe

  • Dream has been active in Europe since 1998
  • In 2011, Dream Global REIT was created and quickly amassed a high quality portfolio of European office + industrial assets
  • The sale of Dream Global in December 2019 for $6.2 billion was a successful outcome for unitholders, delivering total annualized returns of 15% since its IPO
  • Dream Global REIT’s key team members are now joining DIR to execute on its European expansion strategy

Our Expansion into the U.S.

  • In 2017, we announced our U.S. expansion, appointed Brian Pauls as CEO, and formed a strategic partnership with PAULS Corp.
  • Initial expansion to the U.S. in July 2017 with a 717,000 sf modern distribution facility in Nashville, TN
  • Quickly deployed capital and added scale in US adding over 7 million sf in ~ two years

Benefits of having a dual platform:

  • Cross-Border Platform: Working together with the PAULS U.S. platform to source and manage attractive investment opportunities in our target markets
    • Canadian Platform – Dream – Dream Unlimited provides DIR with unique access to its development platform and expertise as well as access to over 10,000 acres of land across Canada
    • Local US Platform – Pauls – PAULS Corp, based in Denver, provides Dream Industrial with a local operating and capital management platform in the U.S. PAULS Corp brings a 40 year track record of commercial real estate investment, including 8 million square feet of development
  • Together Dream and PAULS Corp have a 15 year history of completing approximately $750 million in acquisitions and real estate developments

Property Management

Dream Industrial Management Corp. provides real estate services – including property management and leasing – to properties owned by Dream Industrial REIT.

Learn more about Dream Industrial Management

 

Management Team


Our team is made up of the industry’s smartest, most dedicated, knowledgeable and experienced real estate investment, portfolio management and financial professionals that have a proven track record of creating value.

Lenis QuanChief Financial Officer
Alexander SannikovChief Operating Officer
Joe IadelucaSenior Vice President, Portfolio Management
Brian PaulsChief Executive Officer
Bruce TraversySenior Vice President, Head of Investments, Europe
Ayesha ShafiqSenior Vice President, Real Estate Investments
Ms. Lenis Quan is the Chief Financial Officer of Dream Industrial REIT with over 20 years of executive experience. Prior to joining Dream, Ms. Quan was the Chief Financial Officer of Gazit America, a publicly traded real estate investment company which was privatized by Gazit-Globe. Prior to being with Gazit America, Ms. Quan worked at Brookfield Asset Management for approximately ten years in a number of progressive executive finance positions. Ms. Quan is a Chartered Professional Accountant and started her professional career with Deloitte LLP. Ms. Quan has both a Bachelors degree and a Masters degree in Accounting from the University of Waterloo.
Mr. Alexander Sannikov is the Chief Operating Officer of Dream Industrial REIT. In this role Mr. Sannikov has oversight of the operating performance of Dream Industrial REIT's properties, and portfolio strategy as well as capital allocation. Prior to this role Mr. Sannikov was Chief Operating Officer for Dream Global REIT. Mr. Sannikov joined Dream in 2008 and has held various positions in areas of research and analysis, acquisitions and investments. Prior to joining Dream, Mr. Sannikov was with American Appraisal in Moscow, Russia. He holds a Bachelor of Applied Mathematics degree from the Moscow State University and a Master of Finance degree from the University of Toronto.
Mr. Joe Iadeluca is the Senior Vice President, Portfolio Management for Dream Industrial REIT, Quebec and Eastern Canada. Prior to joining Dream he was Director of Quebec Equity Operations for GE Capital Real Estate for over five years. Prior to that, Mr. Iadeluca worked for Dream Realty Management Corp. as Senior Vice President of Quebec for 10 years until the sale of Dream Office REIT’s Eastern Canada Portfolio to GE Real Estate in 2007. During his career, Mr. Iadeluca has worked for major Canadian real estate companies in various property and asset management capacities. Mr. Iadeluca obtained a Bachelor of Education degree from McGill University and a Master’s of Science degree from the University of Montreal.

Mr. Brian Pauls is the Chief Executive Officer of Dream Industrial REIT. Mr. Pauls also serves as the President of PAULS Corp LLC. He is an accomplished real estate professional with 24 years of industry experience, and was responsible for developing over eight million square feet of industrial properties in Canada and the U.S. He is well known on both sides of the border among the brokerage, banking, tenant and construction communities. Mr. Pauls has managed mixed-use real estate development through his role as President of PAULS Properties Corporation (the Canadian development company of PAULS Corp LLC), as well as President of Gateway Business Park, LLC (a 1,200-acre mixed-use business park in Denver, Colorado). Mr. Pauls has a Bachelors degree in Economics and Business from Westmont College and a Masters degree in Real Estate and Construction Management from the University of Denver.

Mr. Bruce Traversy is the Senior Vice President, Head of Investments, Europe of Dream Industrial REIT. In this role Mr. Traversy has oversight of investment strategy and execution with a focus mainly on the European markets. Prior to this role Mr. Traversy was Head of Investments of Dream Global REIT and has over 28 years of experience in the real estate industry.  Since joining Dream in 1997, Mr. Traversy’s past functional responsibilities have included research and analysis, investor relations, asset management and Canadian commercial property investments. Since 2003, Mr. Traversy has played a key role in significant property acquisitions and dispositions on behalf of clients including Dream Office REIT, Dream Industrial REIT and Dream Global REIT. Prior to joining Dream, Mr. Traversy was a senior consultant with an international property advisory firm. Mr. Traversy earned an Honours Bachelors of Arts degree in urban development from the University of Western Ontario.
Ms. Ayesha Shafiq is Senior Vice President, Real Estate Investments, and she is responsible for overseeing investments for Dream Office REIT and Dream Industrial REIT. Over the span of her career Ms. Shafiq has completed over $7.5 billion of transactions across Canada and the United States with a focus on office and industrial asset classes. Prior to joining Dream, Ms. Shafiq worked at Scotia Capital in the prime brokerage and corporate finance groups. Ms. Shafiq graduated from the Honours Economics program at Wilfrid Laurier University and obtained her Masters of Business Administration from the same institution.

Governance

 

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Dream Industrial REIT is committed to sound and effective corporate governance. Our goal is to not only meet the requirements established by securities laws and regulators but also to uphold the spirit of “good corporate governance” and we always strive to communicate in an open, honest and transparent manner.

Board of Trustees


IndependentAudit CommitteeGovernance, Compensation & Environmental CommitteeExecutive Committee
Dr. R. Sacha BhatiaY
Michael J. CooperChair
J. Michael KnowltonYMemberMember
Ben MulroneyYChair
Brian PaulsMember
Vicky SchiffYMemberMember
Vincenza SeraYMember
Sheldon WisemanYChair
Dr. R. Sacha Bhatia
Michael J. Cooper
J. Michael Knowlton
Ben Mulroney
Brian PaulsChief Executive Officer
Vicky Schiff
Vincenza SeraChair
Sheldon Wiseman
Dr. Sacha Bhatia is Chief Medical Innovation Officer at Women’s College Hospital in Toronto and the FM Hill Chair in Health Systems Solutions. Dr. Bhatia is also the division director of cardiology at Women’s College Hospital and a staff cardiologist at University Health Network. In addition, Dr. Bhatia serves as Associate Professor in the Department of Medicine at the University of Toronto and at the Institute for Health Policy Management and Evaluation and is an adjunct scientist at the Institute for Clinical Evaluative Sciences. Dr. Bhatia previously served on the Board of Trustees of Dream Global REIT, and currently serves on the advisory board of the Heart and Stroke Foundation of Ontario. Dr. Bhatia received his medical degree and MBA at McGill University and received his internal medicine and cardiology training in Toronto and at Massachusetts General Hospital in Boston.
Mr. Michael J. Cooper is the President and Chief Responsible Officer of Dream, and founder of DAM.  He is also the Chair and Chief Executive Officer of Dream Office REIT. He has an extensive track record in the real estate industry dating back to 1986. He helped found DAM in 1996 and continues to lead the business as President and Chief Responsible Officer. Under his leadership, the business has grown to approximately $9 billion of commercial real estate and residential development assets under management; in addition, Dream has also completed in excess of $36 billion of transactions. Among his accomplishments, Mr. Cooper is responsible for the formation of two TSX-listed real estate investment trusts: Dream Office REIT and Dream Industrial REIT and the formation of Dream Alternatives, a TSX-listed mutual fund trust focused on hard asset alternative investments. Mr. Cooper was also involved in the formation of Dream Global REIT, previously a TSX-listed real estate investment trust, the assets and subsidiaries of which were sold in 2019. He earned a Bachelor of Laws degree from the University of Western Ontario and a Master of Business Administration from York University. Mr. Cooper currently sits on the board of directors of Dream, Dream Office REIT, Dream Industrial REIT and E-L Financial Corporation Limited.
Mr. J. Michael Knowlton is a corporate director and has over 25 years of experience in real estate. He retired from DAM, Dream Industrial REIT’s asset manager, in 2011, where he held the position of President and Chief Operating Officer of Dundee REIT (now Dream Office REIT). He joined DAM in 1998, holding various positions with DAM and Dundee REIT, before becoming President of Dundee REIT in 2006. Prior to that, he worked at OMERS Realty Corp. from 1990 until 1998 as Senior Vice President and Chief Financial Officer. Mr. Knowlton also serves on the board of Crombie REIT and Tricon Capital Corp. and is a former trustee of True North Apartment REIT, Northwest Healthcare Properties REIT and Dream Global REIT. Mr. Knowlton holds a Bachelor of Science degree in Engineering and a Master of Business Administration from Queen’s University. Mr. Knowlton is qualified as a Chartered Professional Accountant and holds an ICD.D designation from the Institute of Corporate Directors.
Mr. Ben Mulroney is a television anchor and producer and has written a nationally-syndicated column for the Sun Media Corporation, covering politics and current events. Mr. Mulroney is the anchor and producer of CTV’s flagship entertainment news program, ETALK, a position he has held since its debut in 2002. Mr. Mulroney graduated from Duke University in Durham, North Carolina, with a Bachelor of Arts degree in History and a focus on Political Science and earned a Bachelor of Civil Law from l’Universite Laval in Quebec City. While obtaining his law degree, Mr. Mulroney worked at a number of law firms, specifically Edelstein, Laird & Sobel, LLP in Los Angeles and Ogilvy Renault, LLP (now Norton Rose Fulbright Canada LLP), in Quebec City. He has worked as a National Ambassador for a number of charities, including the Salvation Army, UNICEF, WaterCan, and now the Cystic Fibrosis Foundation of Canada. In addition, Mr. Mulroney currently sits on the board of directors of ARHT Media, as well as various fundraising committees of Covenant House, Baycrest and the Shoebox Project for Shelters.

Mr. Brian Pauls is the Chief Executive Officer of Dream Industrial REIT. Mr. Pauls also serves as the President of PAULS Corp LLC. He is an accomplished real estate professional with 24 years of industry experience, and was responsible for developing over eight million square feet of industrial properties in Canada and the U.S. He is well known on both sides of the border among the brokerage, banking, tenant and construction communities. Mr. Pauls has managed mixed-use real estate development through his role as President of PAULS Properties Corporation (the Canadian development company of PAULS Corp LLC), as well as President of Gateway Business Park, LLC (a 1,200-acre mixed-use business park in Denver, Colorado). Mr. Pauls has a Bachelors degree in Economics and Business from Westmont College and a Masters degree in Real Estate and Construction Management from the University of Denver.

Ms. Vicky Schiff is the Co-Founder of MREC Management, LLC and its affiliate co-mingled open-ended fund Mosaic Real Estate Credit which is focused on origination and managing real estate debt investments. Her investment career began in the early 1990s as an acquisitions executive in Los Angeles and she subsequently embarked on an entrepreneurial path in real estate related businesses. She has founded five firms including a multi-state self-storage platform, a capital advisory firm, an institutional fund of funds, a post-crisis distressed investment firm and a debt fund manager. Ms. Schiff is a frequent speaker at institutional real estate and capital markets conferences, has written for various publications and has appeared as an industry expert on Bloomberg TV.  Her past board experiences include the Los Angeles City Employees’ Retirement System (LACERS), the Board of Advisors of Vanir Construction Management and the Board of Directors of Dream Unlimited Corp. Currently, Ms. Schiff serves on the Board of Trustees of Dream Industrial REIT and on the Board of Advisors of a U.S. based privately held multi-family property owner/operator with over 75,000 units in the U.S.  Her non-profit board experience includes Young Presidents Organization (YPO), The Robert Toigo Foundation, The Lusk Center for Real Estate at USC, The Price Center for Entrepreneurial Studies at UCLA, and was the Founder of an elite organization of C-Suite women real estate investors. She earned a Bachelor of Science degree from the University of Southern California in 1988 and an MBA from The Anderson School of Management at UCLA.
Ms. Vincenza Sera is an active corporate director who currently sits on the board of Investment Management Corporation of Ontario (IMCO) which manages over $70 billion in assets for various Ontario stakeholders. Prior to this appointment, she was Chair of the Ontario Pension Board for nine years. Ms. Sera currently sits on the Boards of Dream Industrial REIT, Dream Unlimited Corp. and Equitable Group Inc. She previously served on the Board of Directors of the Ontario Financing Authority. Ms. Sera was an investment banker with more than 25 years of experience in capital markets, corporate finance and corporate governance. She has held senior positions with National Bank Financial, First Marathon Securities and Canadian Imperial Bank of Commerce. Ms. Sera holds an MBA from the University of Toronto and is a graduate of the Directors Education Program (ICD.D).
Mr. Sheldon Wiseman is the President and Chief Executive Officer of Gistex Inc., a diversified, medium-sized real estate private equity company. He has held this position since 1996. From 2013 to 2014, Mr. Wiseman served as a director of Dream. From 2006 to 2009, Mr. Wiseman served as a trustee of InterRent Real Estate Investment Trust, a publicly traded real estate investment trust owning and managing rental apartments in Ontario. From 1996 to 1997, Mr. Wiseman was President of Dundee Realty and was involved in its start-up and establishment as a public company. From 1985 to 1996, he was the Vice President of Gistex Inc. From 1983 to 1985, he was a member of an audit team at the predecessor of PricewaterhouseCoopers, auditing real estate, manufacturing, finance and non-profit companies. He received his B.Comm from the University of Toronto in 1983 and his Chartered Accountant designation in 1985.

Read more about our Board of Trustees

Committees


Dream Industrial REIT’s Committees assist in the effective fun­c­tioning of the Board and help ensure that the views of Independent ­Trustees* are effectively represented.

The Board has established three committees:

  • Audit Committee;
  • Governance, Compensation and Environmental Committee; and
  • Executive Committee.

*Independent Trustee

A Trustee that is independent within the meaning of NI 58–101. An Independent Trustee is one who is not an employee or executive officer of Dream Industrial REIT and who is free from any direct or indirect relationship which could, in the view of the Board, be reasonably expected to interfere with independent judgment.

Read more about our Committees

Charters, Policies and Declaration of Trust

 

Dream Industrial REIT is committed to sound and effective corporate governance. Our goal is to not only meet the requirements established by securities laws and regulators but to also uphold the spirit of ‘good corporate governance.’

Read more about our Charters, Policies & Declaration of Trust