Your thoughts on Dream Industrial earnings just out? Where do you see the stock out 3 years?
Thanks
Stuart
DIR.UN reported Q4 diluted funds from operations (FFO) per unit was $0.24, a 3.9% increase year-over-year. Full year 2023 diluted FFO per unit was $0.98, a 10.1% year-over-year. Comparative properties net operating income (CP NOI) for Q4 was $85.6M, a 9.6% increase and for the full year was was $310.0M, an 11.3% increase both on yearly basis'. In Q4, net rental income was $85.2M, a 12.8% increase from the prior year and for the full year was $334.2M, a 18.7% increase from the prior year. These were good results for DIR.UN and the company is displaying solid organic growth in addition to good occupancy levels. We think DIR.UN has a good mid-term outlook and should do much better than the drawdowns seen over the past twelve-months especially with interest rates stabilizing and eventually declining.