06:26 AM EST, 02/19/2025 (MT Newswires) -- Dream Industrial REIT (DIR-UN.TO) overnight Tuesday reported improved fourth quarter earnings, buoyed by higher net rental income.

For the quarter, diluted FFO per Unit was $0.26, a 5.8% increase compared with $0.24 in Q4 2023.

Net rental income was $355.4 million, a 6.4% from $334.2 million in 2023. For Q4, net rental income was $91.4 million, a 7.3% increase when compared to $85.2 million in Q4 2023, driven by 14.4% in Ontario, 7.8% in Quebec, 4.0% in Western Canada and 5.2% in Europe, excluding asset held for sale and disposed investment properties.

For Q4, net income was $109.6 million, compared to net loss of $8.8 million in Q4 2023. CP NOI (constant currency basis) was $94.6 million, a 3.3% increase when compared to $91.6 million in Q4 2023.

Among highlights, the REIT signed over 7.3 million square feet of new leases and renewals since the beginning of 2024 through January 31, 2025 across the Trust's wholly-owned portfolio, compared to 4.5 million square feet of leases transacted in the comparative period in 2023. In-place and committed occupancy was 95.8% as at December 31, 2024, a 30 bps increase when compared to 95.5% as at September 30, 2024.

Its shares edged up $0.05 to $11.79.