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Dream Industrial Real Estate Investment Trust

TSX:DIR.UN
Snowflake Description

Proven track record with moderate growth potential.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
DIR.UN
TSX
CA$2B
Imp Market Cap
  1. Home
  2. CA
  3. Real Estate
Company description

Dream Industrial REIT is an unincorporated, open-ended real estate investment trust. The last earnings update was 13 days ago. More info.


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DIR.UN Share Price and Events
7 Day Returns
0.7%
TSX:DIR.UN
1.5%
CA REITs
-0.2%
CA Market
1 Year Returns
8.6%
TSX:DIR.UN
11%
CA REITs
-1.9%
CA Market
DIR.UN Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Dream Industrial Real Estate Investment Trust (DIR.UN) 0.7% 1.4% 6.9% 8.6% 43.4% 21.2%
CA REITs 1.5% 0.8% 3.1% 11% 12% 15.7%
CA Market -0.2% -1.6% 2.1% -1.9% 13.3% 4.3%
1 Year Return vs Industry and Market
  • DIR.UN underperformed the REITs industry which returned 11% over the past year.
  • DIR.UN outperformed the Market in Canada which returned -1.9% over the past year.

DIR.UN Value

 Is Dream Industrial Real Estate Investment Trust undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Dream Industrial Real Estate Investment Trust to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Dream Industrial Real Estate Investment Trust.

TSX:DIR.UN Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations
Levered Adjusted Funds From Operations Average of 1 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 6.7%
Perpetual Growth Rate 10-Year CA Government Bond Rate 1.9%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for TSX:DIR.UN
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year CA Govt Bond Rate 1.9%
Equity Risk Premium S&P Global 6%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.35
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.348 (1 + (1- 26.5%) (64.03%))
0.673
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.95% + (0.8 * 5.96%)
6.72%

Discounted Cash Flow Calculation for TSX:DIR.UN using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model

The calculations below outline how an intrinsic value for Dream Industrial Real Estate Investment Trust is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Dream Industrial Real Estate Investment Trust is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.

TSX:DIR.UN DCF 1st Stage: Next 10 year cash flow forecast
Adjusted Funds From Operations (AFFO) (CAD, Millions) Source Present Value
Discounted (@ 6.72%)
2019 95.67 Analyst x2 89.65
2020 104.96 Analyst x2 92.16
2021 109.52 Est @ 4.35% 90.12
2022 113.49 Est @ 3.63% 87.51
2023 117.03 Est @ 3.12% 84.56
2024 120.27 Est @ 2.77% 81.44
2025 123.31 Est @ 2.52% 78.24
2026 126.20 Est @ 2.35% 75.04
2027 129.02 Est @ 2.23% 71.88
2028 131.78 Est @ 2.14% 68.80
Present value of next 10 years cash flows CA$819.39
TSX:DIR.UN DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= CA$131.78 × (1 + 1.95%) ÷ (6.72% – 1.95%)
CA$2,817.75
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= CA$2,817.75 ÷ (1 + 6.72%)10
CA$1,471.12
TSX:DIR.UN Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= CA$819.39 + CA$1,471.12
CA$2,290.51
Equity Value per Share
(CAD)
= Total value / Shares Outstanding
= CA$2,290.51 / 137.99
CA$16.6
TSX:DIR.UN Discount to Share Price
Calculation Result
Value per share (CAD) From above. CA$16.60
Current discount Discount to share price of CA$11.67
= -1 x (CA$11.67 - CA$16.60) / CA$16.60
29.7%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Dream Industrial Real Estate Investment Trust is available for.
Intrinsic value
30%
Share price is CA$11.67 vs Future cash flow value of CA$16.6
Current Discount Checks
For Dream Industrial Real Estate Investment Trust to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Dream Industrial Real Estate Investment Trust's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Dream Industrial Real Estate Investment Trust's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Dream Industrial Real Estate Investment Trust's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Dream Industrial Real Estate Investment Trust's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
TSX:DIR.UN PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in CAD CA$0.98
TSX:DIR.UN Share Price ** TSX (2019-05-17) in CAD CA$11.67
Canada REITs Industry PE Ratio Median Figure of 40 Publicly-Listed REITs Companies 7.95x
Canada Market PE Ratio Median Figure of 545 Publicly-Listed Companies 14.85x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Dream Industrial Real Estate Investment Trust.

TSX:DIR.UN PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= TSX:DIR.UN Share Price ÷ EPS (both in CAD)

= 11.67 ÷ 0.98

11.93x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dream Industrial Real Estate Investment Trust is overvalued based on earnings compared to the CA REITs industry average.
  • Dream Industrial Real Estate Investment Trust is good value based on earnings compared to the Canada market.
Price based on expected Growth
Does Dream Industrial Real Estate Investment Trust's expected growth come at a high price?
Raw Data
TSX:DIR.UN PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 11.93x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts
4.9%per year
North America REITs Industry PEG Ratio Median Figure of 143 Publicly-Listed REITs Companies 2.38x
Canada Market PEG Ratio Median Figure of 252 Publicly-Listed Companies 1.16x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for Dream Industrial Real Estate Investment Trust, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Dream Industrial Real Estate Investment Trust's assets?
Raw Data
TSX:DIR.UN PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in CAD CA$10.39
TSX:DIR.UN Share Price * TSX (2019-05-17) in CAD CA$11.67
Canada REITs Industry PB Ratio Median Figure of 45 Publicly-Listed REITs Companies 0.95x
Canada Market PB Ratio Median Figure of 2,407 Publicly-Listed Companies 1.41x
TSX:DIR.UN PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= TSX:DIR.UN Share Price ÷ Book Value per Share (both in CAD)

= 11.67 ÷ 10.39

1.12x

* Primary Listing of Dream Industrial Real Estate Investment Trust.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dream Industrial Real Estate Investment Trust is overvalued based on assets compared to the CA REITs industry average.
X
Value checks
We assess Dream Industrial Real Estate Investment Trust's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. Dream Industrial Real Estate Investment Trust has a total score of 2/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

DIR.UN Future Performance

 How is Dream Industrial Real Estate Investment Trust expected to perform in the next 1 to 3 years based on estimates from 1 analyst?

  • No analysts cover Dream Industrial Real Estate Investment Trust, future earnings growth has been estimated based on fundamentals.
The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
4.9%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Dream Industrial Real Estate Investment Trust expected to grow at an attractive rate?
  • Dream Industrial Real Estate Investment Trust's earnings growth is expected to exceed the low risk savings rate of 1.9%.
Growth vs Market Checks
  • Dream Industrial Real Estate Investment Trust's earnings growth is positive but not above the Canada market average.
  • Dream Industrial Real Estate Investment Trust's revenue growth is expected to exceed the Canada market average.
Annual Growth Rates Comparison
Raw Data
TSX:DIR.UN Future Growth Rates Data Sources
Data Point Source Value (per year)
TSX:DIR.UN Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts 4.9%
TSX:DIR.UN Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 1 Analysts 23.7%
Canada REITs Industry Earnings Growth Rate Market Cap Weighted Average 10.1%
Canada REITs Industry Revenue Growth Rate Market Cap Weighted Average 5.4%
Canada Market Earnings Growth Rate Market Cap Weighted Average 14.5%
Canada Market Revenue Growth Rate Market Cap Weighted Average 6.3%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
TSX:DIR.UN Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below
All numbers in CAD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
TSX:DIR.UN Future Estimates Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2020-12-31 303 110 1
2019-12-31 245 98 1
TSX:DIR.UN Past Financials Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income *
2019-03-31 199 82 104
2018-12-31 194 78 158
2018-09-30 189 70 111
2018-06-30 184 70 90
2018-03-31 179 68 66
2017-12-31 173 67 35
2017-09-30 171 63 6
2017-06-30 172 59 11
2017-03-31 174 60 18
2016-12-31 175 59 -3
2016-09-30 176 60 -8
2016-06-30 177 62 -6

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Dream Industrial Real Estate Investment Trust's earnings are expected to grow by 4.9% yearly, however this is not considered high growth (20% yearly).
  • Dream Industrial Real Estate Investment Trust's revenue is expected to grow significantly at over 20% yearly.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
TSX:DIR.UN Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below

All data from Dream Industrial Real Estate Investment Trust Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:DIR.UN Future Estimates Data
Date (Data in CAD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2020-12-31
2019-12-31
TSX:DIR.UN Past Financials Data
Date (Data in CAD Millions) EPS *
2019-03-31 0.98
2018-12-31 1.71
2018-09-30 1.21
2018-06-30 0.99
2018-03-31 0.87
2017-12-31 0.46
2017-09-30 0.09
2017-06-30 0.18
2017-03-31 0.30
2016-12-31 -0.05
2016-09-30 -0.13
2016-06-30 -0.11

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Dream Industrial Real Estate Investment Trust will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Dream Industrial Real Estate Investment Trust's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Canada market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Canada market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Dream Industrial Real Estate Investment Trust has a total score of 3/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

DIR.UN Past Performance

  How has Dream Industrial Real Estate Investment Trust performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Dream Industrial Real Estate Investment Trust's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Dream Industrial Real Estate Investment Trust's year on year earnings growth rate has been positive over the past 5 years.
  • Dream Industrial Real Estate Investment Trust's 1-year earnings growth exceeds its 5-year average (57.4% vs 12.2%)
  • Dream Industrial Real Estate Investment Trust's earnings growth has exceeded the CA REITs industry average in the past year (57.4% vs 15.6%).
Earnings and Revenue History
Dream Industrial Real Estate Investment Trust's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Dream Industrial Real Estate Investment Trust Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:DIR.UN Past Revenue, Cash Flow and Net Income Data
Date (Data in CAD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 199.38 104.40 15.32
2018-12-31 194.21 157.53 14.94
2018-09-30 189.18 110.54 14.35
2018-06-30 183.88 89.67 14.41
2018-03-31 178.87 66.32 13.16
2017-12-31 173.35 34.66 12.83
2017-09-30 170.98 5.59 14.23
2017-06-30 171.58 10.78 13.81
2017-03-31 173.60 18.12 14.25
2016-12-31 174.76 -2.69 14.98
2016-09-30 176.47 -7.82 14.00
2016-06-30 176.88 -6.27 13.99
2016-03-31 177.12 23.43 13.22
2015-12-31 177.01 35.19 12.82
2015-09-30 177.13 74.23 9.88
2015-06-30 173.81 81.46 12.68
2015-03-31 169.29 68.05 12.73
2014-12-31 166.27 68.00 12.32
2014-09-30 162.83 55.12 11.31
2014-06-30 160.37 52.72 8.30
2014-03-31 154.82 70.17 7.96
2013-12-31 143.19 83.98 7.33
2013-06-30 74.38 -43.86 4.11
2013-03-31 55.05 -55.00 2.85
2012-12-31 41.32 -50.10 2.06

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Dream Industrial Real Estate Investment Trust has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Dream Industrial Real Estate Investment Trust used its assets more efficiently than the CA REITs industry average last year based on Return on Assets.
  • Dream Industrial Real Estate Investment Trust's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Dream Industrial Real Estate Investment Trust's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Dream Industrial Real Estate Investment Trust has a total score of 4/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

DIR.UN Health

 How is Dream Industrial Real Estate Investment Trust's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Dream Industrial Real Estate Investment Trust's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Dream Industrial Real Estate Investment Trust's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Dream Industrial Real Estate Investment Trust's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Dream Industrial Real Estate Investment Trust's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Dream Industrial Real Estate Investment Trust Company Filings, last reported 1 month ago.

TSX:DIR.UN Past Debt and Equity Data
Date (Data in CAD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 1,108.30 1,031.20 10.96
2018-12-31 989.33 938.19 4.97
2018-09-30 923.43 926.21 8.39
2018-06-30 904.57 999.05 197.17
2018-03-31 754.86 949.28 5.03
2017-12-31 712.25 889.85 54.65
2017-09-30 591.45 883.94 2.60
2017-06-30 587.12 861.18 6.14
2017-03-31 599.40 862.73 6.72
2016-12-31 591.11 869.35 6.60
2016-09-30 607.97 878.86 1.07
2016-06-30 602.60 914.02 0.50
2016-03-31 611.11 920.32 1.32
2015-12-31 626.88 925.18 1.02
2015-09-30 650.54 913.52 0.75
2015-06-30 643.87 922.74 3.88
2015-03-31 622.81 912.62 1.94
2014-12-31 628.65 921.82 0.08
2014-09-30 614.08 918.13 0.12
2014-06-30 574.34 843.70 0.13
2014-03-31 566.70 836.06 0.07
2013-12-31 570.82 840.38 0.26
2013-06-30 555.89 845.65 2.46
2013-03-31 447.71 659.50 119.43
2012-12-31 326.21 649.85 2.31
  • Dream Industrial Real Estate Investment Trust's level of debt (93%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (147.5% vs 93% today).
  • Debt is not well covered by operating cash flow (8%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 2.3x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Dream Industrial Real Estate Investment Trust's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Dream Industrial Real Estate Investment Trust has a total score of 1/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

DIR.UN Dividends

 What is Dream Industrial Real Estate Investment Trust's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
6%
Current annual income from Dream Industrial Real Estate Investment Trust dividends. Estimated to be 6% next year.
If you bought CA$2,000 of Dream Industrial Real Estate Investment Trust shares you are expected to receive CA$120 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Dream Industrial Real Estate Investment Trust's pays a higher dividend yield than the bottom 25% of dividend payers in Canada (2.03%).
  • Dream Industrial Real Estate Investment Trust's dividend is above the markets top 25% of dividend payers in Canada (5.73%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
TSX:DIR.UN Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below
Canada REITs Industry Average Dividend Yield Market Cap Weighted Average of 42 Stocks 5%
Canada Market Average Dividend Yield Market Cap Weighted Average of 332 Stocks 3.5%
Canada Minimum Threshold Dividend Yield 10th Percentile 1.2%
Canada Bottom 25% Dividend Yield 25th Percentile 2%
Canada Top 25% Dividend Yield 75th Percentile 5.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

TSX:DIR.UN Future Dividends Estimate Data
Date (Data in CA$) Dividend per Share (annual) Avg. No. Analysts
2020-12-31 0.70 5.00
2019-12-31 0.70 5.00
TSX:DIR.UN Past Annualized Dividends Data
Date (Data in CA$) Dividend per share (annual) Avg. Yield (%)
2019-04-17 0.700 6.070
2019-03-20 0.700 5.881
2019-02-19 0.700 6.231
2019-01-21 0.700 6.561
2018-12-19 0.700 7.099
2018-11-20 0.700 7.073
2018-10-19 0.700 7.082
2018-09-18 0.700 7.091
2018-08-21 0.700 6.809
2018-07-19 0.700 6.780
2018-06-19 0.700 6.707
2018-05-22 0.700 6.529
2018-04-19 0.700 6.722
2018-02-16 0.700 7.374
2018-01-22 0.700 7.646
2017-11-21 0.700 7.835
2017-10-20 0.700 7.803
2017-09-19 0.700 7.667
2017-08-21 0.700 7.727
2017-06-21 0.700 7.871
2017-05-19 0.700 8.073
2017-04-19 0.700 8.115
2017-03-21 0.700 8.456
2017-02-16 0.700 8.385
2017-01-20 0.700 8.121
2016-12-19 0.700 8.324
2016-11-17 0.700 8.852
2016-10-19 0.700 9.187
2016-09-20 0.700 8.961
2016-07-20 0.700 8.362
2016-06-20 0.700 7.929
2016-05-19 0.700 8.569
2016-04-19 0.700 8.562
2016-03-18 0.700 8.716
2016-02-18 0.700 8.759
2016-01-19 0.700 9.847
2015-12-17 0.700 10.115
2015-11-18 0.700 9.137
2015-10-20 0.700 8.734
2015-09-21 0.700 8.813
2015-08-18 0.700 8.789
2015-07-17 0.700 8.658
2015-06-19 0.700 8.473
2015-05-20 0.700 8.341
2015-04-20 0.700 7.867
2015-03-19 0.700 7.752
2015-02-18 0.700 7.694
2015-01-20 0.700 7.706
2014-12-17 0.700 8.207
2014-11-18 0.700 8.109
2014-10-20 0.700 7.585
2014-09-18 0.700 7.696
2014-08-19 0.700 7.251
2014-07-17 0.700 7.244
2014-06-18 0.700 7.217
2014-05-20 0.700 7.325
2014-04-17 0.700 7.437
2014-03-19 0.700 7.575
2014-02-20 0.700 7.514
2014-01-17 0.700 7.897
2013-12-18 0.700 7.949
2013-11-18 0.700 8.230
2013-10-17 0.700 7.899
2013-09-16 0.700 8.231
2013-08-19 0.700 8.348
2013-07-17 0.700 7.943
2013-06-18 0.700 7.520
2013-05-17 0.700 6.897
2013-02-19 0.700 6.495
2013-02-15 0.675 6.078
2013-01-21 0.675 5.914
2012-12-18 0.675 6.058

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Whilst dividend payments have been stable, Dream Industrial Real Estate Investment Trust has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but Dream Industrial Real Estate Investment Trust only paid a dividend in the past 6 years.
Current Payout to shareholders
What portion of Dream Industrial Real Estate Investment Trust's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (2x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Dream Industrial Real Estate Investment Trust's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.2%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Dream Industrial Real Estate Investment Trust afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Dream Industrial Real Estate Investment Trust has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

DIR.UN Management

 What is the CEO of Dream Industrial Real Estate Investment Trust's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Brian Pauls
COMPENSATION CA$610,000
TENURE AS CEO 1.3 years
CEO Bio

Mr. Brian D. Pauls has been Chief Executive Officer and President at Dream Industrial Real Estate Investment Trust since January 1, 2018 and has been its Trustee since May 17, 2018. He is the Member of Board of Directors of the firm. Mr. Pauls serves as Principal of Overseeing Investments at The Pauls Corporation. Mr. Pauls serves as the President of Pauls Properties Corporation and Gateway Business Park, LLC. He has managed mixed-use real estate development and oversees investment activities. Mr. Pauls has acquisition and development experience in office, industrial, retail and residential real estate. He has been a Trustee at HCA - HealthONE LLC since July 28, 2015. Mr. Pauls has a Bachelor's degree in Economics and Business from Westmont College and a Master's degree in Real Estate and Construction Management from the University of Denver.

CEO Compensation
  • Insufficient data for Brian to compare compensation growth.
  • Brian's remuneration is lower than average for companies of similar size in Canada.
Management Team Tenure

Average tenure and age of the Dream Industrial Real Estate Investment Trust management team in years:

1.3
Average Tenure
45
Average Age
  • The average tenure for the Dream Industrial Real Estate Investment Trust management team is less than 2 years, this suggests a new team.
Management Team

Brian Pauls

TITLE
CEO, President & Trustee
COMPENSATION
CA$610K
TENURE
1.3 yrs

Lenis Quan

TITLE
Chief Financial Officer
COMPENSATION
CA$463K
AGE
45
TENURE
4.3 yrs

Joe Iadeluca

TITLE
Senior Vice President of Portfolio Management - Quebec & Eastern Canada
AGE
60

Nick Stryland

TITLE
Senior Vice President of Portfolio Management - Ontario Region
AGE
43
TENURE
1.3 yrs

P. Gavan

TITLE
President of Asset Management
AGE
58

Andrew Reial

TITLE
Senior Vice-President of Portfolio Management
AGE
39
TENURE
1 yrs

Ayesha Shafiq

TITLE
Senior Vice President of Real Estate Investments
TENURE
1.3 yrs
Board of Directors Tenure

Average tenure and age of the Dream Industrial Real Estate Investment Trust board of directors in years:

5
Average Tenure
57
Average Age
  • The tenure for the Dream Industrial Real Estate Investment Trust board of directors is about average.
Board of Directors

Vincenza Sera

TITLE
Chairman of the Board Trustees
COMPENSATION
CA$160K
AGE
61
TENURE
5 yrs

Brian Pauls

TITLE
CEO, President & Trustee
COMPENSATION
CA$610K
TENURE
1 yrs

Michael Cooper

TITLE
Non-Independent Trustee
COMPENSATION
CA$277K
AGE
57
TENURE
6.6 yrs

Ben Mulroney

TITLE
Independent Trustee
COMPENSATION
CA$100K
AGE
42
TENURE
6 yrs

Sheldon Wiseman

TITLE
Independent Trustee
COMPENSATION
CA$110K
AGE
57
TENURE
5 yrs

Lee Segal

TITLE
Independent Trustee
COMPENSATION
CA$92K
AGE
38
TENURE
6.6 yrs

Mike Knowlton

TITLE
Independent Trustee
COMPENSATION
CA$100K
AGE
67
TENURE
2.9 yrs

Vicky Schiff

TITLE
Independent Trustee
COMPENSATION
CA$98K
AGE
52
TENURE
2 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (CA$) Value (CA$)
X
Management checks
We assess Dream Industrial Real Estate Investment Trust's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Dream Industrial Real Estate Investment Trust has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

DIR.UN News

Simply Wall St News

Is Now The Time To Put Dream Industrial Real Estate Investment Trust (TSE:DIR.UN) On Your Watchlist?

In the age of tech-stock blue-sky investing, my choice may seem old fashioned; I still prefer profitable companies like Dream Industrial Real Estate Investment Trust (TSE:DIR.UN). … View our latest analysis for Dream Industrial Real Estate Investment Trust Dream Industrial Real Estate Investment Trust's Earnings Per Share Are Growing. … For growth investors like me, Dream Industrial Real Estate Investment Trust's raw rate of earnings growth is a beacon in the night.

Simply Wall St -

Here's How We Evaluate Dream Industrial Real Estate Investment Trust's (TSE:DIR.UN) Dividend

Dividend paying stocks like Dream Industrial Real Estate Investment Trust (TSE:DIR.UN) tend to be popular with investors, and for good reason - some research shows that a significant amount of all stock market returns come from reinvested dividends.. … With a six-year payment history and a 6.1% yield, many investors probably find Dream Industrial Real Estate Investment Trust intriguing.! … Explore this interactive chart for our latest analysis on Dream Industrial Real Estate Investment Trust

Simply Wall St -

How Dream Industrial Real Estate Investment Trust (TSE:DIR.UN) Can Impact Your Portfolio Volatility

Every stock in the market is exposed to this volatility, which is linked to the fact that stocks prices are correlated in an efficient market. … Beta can be a useful tool to understand how much a stock is influenced by market risk (volatility). … A stock with a beta below one is either less volatile than the market, or more volatile but not corellated with the overall market.

Simply Wall St -

Should You Investigate Dream Industrial Real Estate Investment Trust (TSE:DIR.UN) At CA$11.95?

Dream Industrial Real Estate Investment Trust (TSE:DIR.UN), which is in the reits business, and is based in Canada,. … So, could the stock still be trading at a low price relative to its actual value. … Let’s take a look at Dream Industrial Real Estate Investment Trust’s outlook and value based on the most recent financial data to see if the opportunity still exists

Simply Wall St -

Introducing Dream Industrial Real Estate Investment Trust, A Stock That Climbed 36% In The Last Three Years

For example, the Dream Industrial Real Estate Investment Trust (TSE:DIR.UN) share price is up 36% in the last three years, clearly besting than the market return of around 20% (not including dividends). … Check out our latest analysis for Dream Industrial Real Estate Investment Trust. … Dream Industrial Real Estate Investment Trust was able to grow its EPS at 42% per year over three years, sending the share price higher.

Simply Wall St -

Dream Industrial Real Estate Investment Trust (TSE:DIR.UN) Has A ROE Of 12%

We'll use ROE to examine Dream Industrial Real Estate Investment Trust (TSE:DIR.UN), by way of a worked example. … Dream Industrial Real Estate Investment Trust has a ROE of 12%, based on the last twelve months. … View our latest analysis for Dream Industrial Real Estate Investment Trust?

Simply Wall St -

Do Institutions Own Dream Industrial Real Estate Investment Trust (TSE:DIR.UN) Shares?

A look at the shareholders of Dream Industrial Real Estate Investment Trust (TSE:DIR.UN) can tell us which group is most powerful. … Institutions often own shares in more established companies, while it's not unusual to see insiders own a fair bit of smaller companies. … Dream Industrial Real Estate Investment Trust is not a large company by global standards.

Simply Wall St -

Investing In Dream Industrial Real Estate Investment Trust (TSE:DIR.UN): What You Need To Know

Dream Industrial Real Estate Investment Trust is a CA$1.1b. … real estate investment trust (REIT) based in Toronto, Canada. … See our latest analysis for Dream Industrial Real Estate Investment Trust

Simply Wall St -

The Dream Industrial Real Estate Investment Trust (TSE:DIR.UN) Ownership Structure Could Be Important

I am going to take a deep dive into Dream Industrial Real Estate Investment Trust’s (TSE:DIR.UN) most recent ownership structure, not a frequent subject of discussion among individual investors. … A company's ownership structure is often linked to its share performance in both the long- and short-term. … View our latest analysis for Dream Industrial Real Estate Investment Trust

Simply Wall St -

Investing In Dream Industrial Real Estate Investment Trust (TSE:DIR.UN): What You Need To Know

Dream Industrial Real Estate Investment Trust is a CA$995.30m. … real estate investment trust (REIT) based in Toronto, Canada. … Check out our latest analysis for Dream Industrial Real Estate Investment Trust

Simply Wall St -

DIR.UN Company Info

Description

Dream Industrial REIT is an unincorporated, open-ended real estate investment trust. To date, Dream Industrial REIT owns and operates a portfolio of 245 geographically diversified light industrial properties comprising approximately 24.0 million square feet of gross leasable area in key markets across Canada and the U.S. Its objective is to build upon and grow its portfolio and to provide stable and sustainable cash distributions to its unitholders.

Details
Name: Dream Industrial Real Estate Investment Trust
DIR.UN
Exchange: TSX
Founded: 2012
CA$1,610,369,534
CA$1,393,869,386
137,992,248
Website: http://www.dream.ca/industrial
Address: Dream Industrial Real Estate Investment Trust
State Street Financial Centre,
Suite 301,
Toronto,
Ontario, M5C 3H1,
Canada
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSX DIR.UN REIT Units The Toronto Stock Exchange CA CAD 04. Oct 2012
OTCPK DREU.F REIT Units Pink Sheets LLC US USD 04. Oct 2012
Number of employees
Current staff
Staff numbers
90
Dream Industrial Real Estate Investment Trust employees.
Industry
Industrial REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/20 02:56
End of day share price update: 2019/05/17 00:00
Last estimates confirmation: 2019/05/14
Last earnings filing: 2019/05/07
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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 here.