• "Dream continues to issue stock above NAV, which essentially is a non-dilutive way to fund expansion, as the stock issues actually increase the NAV."
https://seekingalpha.com/article/4471336-dream-industrial-stock-a-4-2-percent-yield-from-a-growing-warehouse-reit?mail_subject=dreuf-dream-industrial-reit-a-4-2-yield-from-a-growing-warehouse-reit&utm_campaign=rta-stock-article&utm_content=link-2&utm_medium=email&utm_source=seeking_alpha

Since BMO provides the following statistics in their NXR.un update, we can assume that the secondary offerings have the same characteristics as the DIR.un offerings (i.e., non-dilutive and incremental to NAV):

NAV $11.50 
Prem/(Disc) to NAV 9.9%