Dream Industrial REIT Reports Strong Q3 2026 Results

TORONTO--(BUSINESS WIRE)--Nov 3, 2026--

Dream Industrial Real Estate Investment Trust (DIR.UN-TSX) or (the “REIT” or “Trust” or “Dream Industrial REIT” or “Dream Industrial” or “DIR” or “we” or “us”) today announced its financial results for the three and nine months ended September 30, 2026. Management will host a conference call to discuss the financial results on November 4, 2026 at 11:00 a.m. (ET).

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20261103438610/en/

“Our third quarter results reflect the breadth of Dream Industrial’s growth drivers. Across the industrial platform we signed over 2.6 million square feet of leases this quarter at a weighted average rental spread of 32.3%, driving organic NOI growth of 8.5%. We had robust investment activity – not only are we gradually deploying our balance sheet capacity through $569 million of accretive acquisitions since the beginning of 2026, we are also adding scale to our private ventures through more than $1 billion of investment activity year-to-date. We made significant progress on our development and repositioning program with strong leasing activity across our development projects. Together, these initiatives strengthen the quality and reach of our portfolio while positioning the Trust to compound cash flow and create long-term value for unitholders,” said Alexander Sannikov, President & Chief Executive Officer of Dream Industrial REIT.

HIGHLIGHTS

FINANCIAL HIGHLIGHTS

ORGANIC GROWTH

DEVELOPMENT LEASING UPDATE

Since the start of the quarter, the Trust has finalized over 179,000 square feet of leasing at its recently completed, wholly-owned redevelopment project in Whitby, Ontario, increasing committed occupancy to approximately 50% across two tenants. In addition, the Trust is in advanced negotiations for 210,000 square feet of leasing that would bring the property to full occupancy. Upon completion of leasing, the project is expected to achieve an unlevered yield on cost of approximately 6.2%

Additionally, the Trust continues to advance the five development projects acquired from Chancerygate Group Limited (“Chancerygate”) earlier in the quarter. At the substantially complete development in West Sussex, United Kingdom (“UK”), a 34,000 square foot lease commenced during the quarter with a 10-year term, increasing project occupancy to 32%. Across the wholly-owned development portfolio, approximately 60,000 square feet of prospective leases are under offer or progressing through advanced request for proposal stages, reflecting continued pre-leasing momentum.

See Figure 1,Whitby, Ontario

See Figure 2, West Sussex, U.K.

ACQUISITIONS AND DISPOSITIONS UPDATE

During the quarter, the Trust completed $473.3 million of acquisitions of urban infill mid-bay industrial assets across its portfolio, comprised of $316.8 million of income-producing assets in Canada and Europe and $156.5 million of development assets and co-investment interests acquired as part of the previously announced Chancerygate transaction.

Upon stabilization, the Trust expects the wholly-owned development projects acquired from Chancerygate to generate an unlevered yield on cost of approximately 8.0%, while its minority interests in the private ventures are expected to achieve stabilized cap rates in excess of 7.5%.

The acquisitions of income-producing assets were completed at a weighted average going-in NOI yield of 6.1%, with mark-to-market upside expected to increase the yield to 6.8% and include acquisitions in Germany and a new acquisition in Calgary.

In Calgary, Alberta, the Trust acquired a modern logistics asset for $123.8 million comprised of two buildings and is 100% leased to four-tenants across 686,000 square feet, and includes two acres of excess land that can be activated for future intensification opportunities. Completed in 2024, the property features modern logistics specifications, including 36-foot clear heights and 116 dock-level doors, positioning it to accommodate a diverse range of industrial users.

See Figure 3, Calgary, Alberta

See Figure 4, Frankfurt, Germany

During the quarter, the Trust closed on the sale of a non-strategic asset located in Richmond Hill, Ontario, for $11 million, a 13% premium to its previous carrying value.

STRATEGIC PRIVATE VENTURES UPDATE

The Trust continues to actively deploy capital alongside its partners, adding high-quality industrial product within its private ventures while adding scale to its property management and leasing platform. Since the beginning of 2026, the Trust’s private ventures have completed over $1 billion of acquisitions. Net property management and other income for the three months ended September 30, 2026 was $3.3 million, representing an increase of $0.7 million or 28.8% year-over-year.

During the quarter, the DSI JV acquired a 15-building industrial portfolio totalling 1.5 million square feet located in Edmonton, Alberta for a purchase price of $219.0 million ($21.9 million at the Trust’s share). The portfolio is nearly fully leased to a diverse group of 39 tenants, offering a highly functional layout with 24- to 32-foot clear heights that suit a variety of tenant requirements.

Subsequent to the quarter, the DCI JV completed the acquisition of an industrial portfolio in the Greater Toronto Area (“GTA”) for $585.8 million ($58.6 million at the Trust’s share). The portfolio comprises five newly developed mid- and large-bay logistics assets totalling 2.1 million square feet of GLA. The portfolio is fully leased to a roster of strong national and international companies, generating stable in-place income, with the opportunity to drive value through executing on embedded mark-to-market rental growth potential. Built between 2020 and 2024, the properties feature 36- to 40-foot clear heights, ample trailer parking and a loading ratio of one door per 8,000 square feet, positioning them to accommodate both mid- and large-bay occupiers.

See Figure 5, Oshawa, Ontario

See Figure 6, Brampton, Ontario

CAPITAL STRATEGY

The Trust continues to maintain significant financial flexibility. The Trust’s proportion of secured debt (18) was 5.5% of total assets and represents 14.1% of total debt (19). The Trust’s unencumbered asset pool (13) totalled $6.0 billion as at September 30, 2026, representing 83.6% of the Trust’s total investment properties value as at September 30, 2026.

Subsequent to the quarter, on October 21, 2026, the Trust completed the issuance of $300 million of Series I unsecured debentures at an all-in interest rate of 4.416% per annum, maturing October 22, 2030. Concurrently the Trust entered into cross-currency interest rate swap arrangements to swap the proceeds into euros effective October 21, 2026, fixing two-thirds of the swapped proceeds, with an average rate currently at 4.05% per annum on the total swapped proceeds.

The Trust ended Q3 2026 with available liquidity (14) of $340.2 million, including $39.1 million of cash and cash equivalents, and with an additional $250 million that could be exercised through the accordion on its unsecured revolving credit facility. Following the October debenture issuance mentioned above, the Trust’s available liquidity would increase to $640.2 million. The Trust’s net total debt-to-normalized adjusted EBITDAFV ratio (10) was 7.3x and net total debt-to-total assets (net of cash and cash equivalents) ratio (9) was 38.5% as at September 30, 2026.

Beginning with its September 15, 2026 distribution, the Trust has increased its distribution by 2.5% to an annualized rate of $0.7175 per Unit.

“Our balance sheet continues to provide meaningful capacity to execute on the Trust’s strategic priorities. Pro forma the Series I unsecured debentures issuance, we have approximately $ 640 million of available liquidity, providing us with significant flexibility to fund our growth initiatives. We have made significant progress on redeploying the proceeds from the DCI JV transaction into accretive, on-balance-sheet acquisitions and acquisitions within our private ventures, enhancing the scale and quality of our portfolio while maintaining a prudent capital structure and our investment-grade profile,” said Lenis Quan, Chief Financial Officer of Dream Industrial REIT.

CONFERENCE CALL

Senior management will host a conference call to discuss the financial results on Wednesday, November 4, 2026, at 11:00 a.m. (ET). To access the conference call, please dial 1-800-715-9871 in Canada or 647-932-3411 elsewhere. To access the conference call via webcast, please go to Dream Industrial REIT’s website at www.dreamindustrialreit.ca and click on the link for News, then click on Events. A taped replay of the conference call and the webcast will be available for ninety (90) days following the call.

Other information

Information appearing in this press release is a select summary of financial results. The condensed consolidated financial statements and management’s discussion and analysis for the Trust will be available at www.dreamindustrialreit.ca and on www.sedarplus.ca.

Dream Industrial REIT is an owner, manager and operator of a global portfolio of well-located, diversified industrial properties. As at September 30, 2026, the REIT has an interest in and manages a portfolio which comprises 414 industrial assets (798 buildings) totalling approximately 84.5 million square feet of gross leasable area in key markets across Canada, Europe, and the U.S. The REIT’s objective is to deliver strong total returns to its unitholders through secure distributions as well as growth in net asset value and cash flow per unit underpinned by its high-quality portfolio and an investment grade balance sheet. Dream Industrial REIT is an unincorporated, open-ended real estate investment trust. For more information, please visit www.dreamindustrialreit.ca.

FOOTNOTES

Non-GAAP financial measures, ratios and supplementary financial measures

The Trust’s condensed consolidated financial statements are prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (“IFRS Accounting Standards”). In this press release, as a complement to results provided in accordance with IFRS Accounting Standards, the Trust discloses and discusses certain non- GAAP financial measures and ratios, including FFO, diluted FFO per Unit, FFO payout ratio, CP NOI (constant currency basis), total debt, net total debt-to-total assets (net of cash and cash equivalents) ratio, net total debt, total assets (net of cash and cash equivalents), net total debt-to-normalized adjusted EBITDAFV ratio, adjusted EBITDAFV, normalized adjusted EBITDAFV – annualized, interest coverage ratio, available liquidity, total equity (including LP B Units), secured debt as a percentage of total debt, and NAV per Unit as well as other measures discussed elsewhere in this press release. These non-GAAP financial measures and ratios are not defined by IFRS Accounting Standards and do not have a standardized meaning under IFRS Accounting Standards. The Trust’s method of calculating these non-GAAP financial measures and ratios may differ from other issuers and may not be comparable with similar measures presented by other issuers. The Trust has presented such non-GAAP financial measures and ratios as Management believes they are relevant measures of the Trust’s underlying operating and financial performance. Certain additional disclosures such as the composition, usefulness and changes, as applicable, of the non-GAAP financial measures and ratios included in this press release have been incorporated by reference from the management’s discussion and analysis of the financial condition and results from operations of the Trust for the three and nine months ended September 30, 2026, dated November 3, 2026 (the “Q3 2026 MD&A”) and can be found under the sections “Non-GAAP Financial Measures” and “Non-GAAP Ratios” and respective sub-headings labelled “Funds from operations (“FFO”)”, “Diluted FFO per Unit”, “FFO payout ratio”, “Total distributions”, “Comparative properties net operating income (“CP NOI”) (constant currency basis)”, “Net total debt-to-total assets (net of cash and cash equivalents) ratio”, “Net total debt-to- normalized adjusted EBITDAFV ratio (years)”, and “Interest coverage ratio”, “Secured debt as a percentage of total debt”, “Available liquidity”, “Total equity (including LP B Units or subsidiary redeemable units)”, “Total debt”, “Net asset value (“NAV”) per Unit”, “Net total debt and total assets (net of cash and cash equivalents)” and “Adjusted earnings before interest, taxes, depreciation, amortization and fair value adjustments (“Adjusted EBITDAFV”) and Normalized adjusted EBITDAFV – Annualized”. The supplementary financial measures and ratios used in this press release are secured debt, secured debt as a percentage of total assets, unencumbered investment properties, unencumbered investment properties as a percentage of total investment properties and the weighted average number of Units. The composition of supplementary financial measures and ratios included in this press release have been incorporated by reference from the Q3 2026 MD&A and can be found under the section “Supplementary financial measures and ratios and other disclosures”. The Q3 2026 MD&A is available on SEDAR+ at www.sedarplus.ca under the Trust’s profile and on the Trust’s website at www.dreamindustrialreit.ca under the Investors section. Non-GAAP financial measures and ratios should not be considered as alternatives to net income, net rental income, cash flows generated from (utilized in) operating activities, cash and cash equivalents, total assets, non-current debt, total equity, distributions on REIT Units, or comparable metrics determined in accordance with IFRS Accounting Standards as indicators of the Trust’s performance, liquidity, cash flow, and profitability.

Forward-looking information

This press release contains forward-looking information within the meaning of applicable securities legislation, including statements regarding the Trust’s objectives and strategies to achieve those objectives; the Trust’s strategic priorities and initiatives and the expected benefits therefrom; the Trust’s capital allocation priorities and commitments and expected results therefrom; the Trust’s acquisition pipeline and anticipated benefits therefrom; the Trust’s capital recycling program, including the redeployment of proceeds from the DCI JV transaction, and the expected benefits therefrom; the status of leasing negotiations and discussions and expected property occupancy increases at specific properties, including the expected lease-up of the Whitby redevelopment, the development projects acquired from Chancerygate; the expected mark-to-market upside on and resulting yields of income-producing properties acquired; the expected vacant space at the Trust’s Netherlands and Spain properties; debt and liquidity profile, including pro forma available liquidity and the availability of the accordion on the Trust’s unsecured revolving credit facility; the Trust's maintenance of significant financial flexibility and the resulting ability to execute on strategic initiatives; the Trust’s expectation of maintaining a prudent capital structure and its investment grade profile; the Trust’s goal of delivering strong total returns to its unitholders through secure distributions as well as growth in net asset value and cash flow per unit underpinned by its high-quality portfolio and an investment grade balance sheet; the performance and quality of its portfolio; the Trust’s distributions, including the annualized distribution rate; the expected yields on the Chancerygate development projects and co-investment interests acquired and the expected expansion of the Trust’s capabilities and opportunity set in the U.K. and European multi-let industrial sector; the Trust’s development pipeline and its expectations with respect to the opportunity provided by such development pipeline; the Trust’s active deployment of capital alongside its partners, adding high-quality industrial product within its private ventures while further scaling its property management and leasing platform, and the expected income stability and rental growth potential of properties acquired by its private ventures; the expected impact of the Trust’s initiatives on the quality and reach of its portfolio and on its positioning to compound cash flow and create long-term value for unitholders; the Trust’s development, expansion, reposition and redevelopment plans, including the timing of completion, lease-up and stabilization, costs, square footage, unlevered yields on cost, stabilized capitalization rates and anticipated yields; the potential intensification of excess land at acquired properties; potential for property to accommodate a diverse range of industrial users; and similar statements concerning anticipated future events, financials, estimated market rents, future leasing activity, the ability to lease vacant space, results of operations, performance, business prospects and opportunities, and the real estate industry in general.

Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Trust’s control, which could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to, general and local economic and business conditions; mortgage and interest rates and regulations; risks related to a potential economic slowdown in certain of the jurisdictions in which we operate and the effect inflation and any such economic slowdown may have on market conditions and lease rates; risks that the Trust’s operations may be affected by adverse global market, economic and political conditions and other events beyond the Trust’s control, including risks related to the imposition of duties, tariffs and other trade restrictions and their impacts; uncertainties around the timing and amount of future financings; geopolitical events, including disputes between nations, war and international sanctions; the financial condition of tenants; leasing risks, including those associated with the ability to lease vacant space; rental rates and the strength of rental rate growth on future leasing; risks relating to the completion of acquisitions, including that acquisitions under contract or in exclusive negotiations may not close, may be delayed or may close on different terms (including as a result of due diligence findings or the failure to satisfy closing conditions); competition for acquisitions and for tenants; development and redevelopment risks, including construction delays, cost overruns, the availability of labour and materials, the receipt of permits and approvals, and delays in or failure to achieve lease-up, any of which could affect the timing of completion and the achievement of anticipated unlevered yields on cost; risks that the anticipated benefits of the Chancerygate transaction are not realized, including risks related to the integration of the acquired platform and development projects; risks associated with the Trust’s joint ventures and co-investments, including reliance on its partners and the continued availability of capital to deploy through its private ventures; changes in capitalization rates and real estate valuations; the availability and terms of the Trust’s credit facilities (including the accordion feature on its unsecured revolving credit facility); changes to the Trust’s credit ratings; and fluctuations in interest rates (including on floating-rate debt and on the refinancing of maturing debt) and in currency exchange rates (including the euro and pound sterling). The Trust’s objectives and forward-looking statements are based on certain assumptions, including that the general economy remains stable, including that future market and economic conditions will occur as expected and that geopolitical events, including disputes between nations or the imposition of duties, tariffs, quotas, embargoes or other trade restrictions (including any retaliation to such measures), will not disrupt global economies; inflation and interest rates will not materially increase beyond current market expectations; that FFO per unit continues to support the Trust’s distributions at the current annualized rate; that utility providers, regulators and relevant counterparts will cooperate to enable the delivery of secured or anticipated power allocations within the anticipated timeframes; conditions within the real estate market remain consistent; competition for acquisitions remains consistent with the current climate; and the capital markets continue to provide ready access to equity and/or debt. All forward-looking information in this press release speaks as of the date of this press release. The Trust does not undertake to update any such forward-looking information whether as a result of new information, future events or otherwise except as required by law. Additional information about these assumptions and risks and uncertainties is contained in the Trust’s filings with securities regulators, including its latest annual information form and MD&A. These filings are also available on SEDAR+ atwww.sedarplus.caand at the Trust’s website at www.dreamindustrialreit.ca.

Appendices

All dollar amounts in the Appendices are presented in thousands of Canadian dollars, except for per square foot amounts, per Unit amounts, or unless otherwise stated.

Reconciliation of CP NOI (constant currency basis) to net rental income

The tables below reconcile CP NOI (constant currency basis) to net rental income for the three and nine months ended September 30, 2026 and September 30, 2025:

Reconciliation of FFO to net income

The table below reconciles FFO to net income for the three and nine months ended September 30, 2026 and September 30, 2025:

Reconciliation of available liquidity and cash and cash equivalents

The table below reconciles available liquidity to cash and cash equivalents as at September 30, 2026, December 31, 2025 and September 30, 2025:

Reconciliation of total equity (including LP B Units) to total equity (excluding LP B Units)

The table below reconciles total equity (including LP B Units) to total equity (excluding LP B Units) as at September 30, 2026, December 31, 2025 and September 30, 2025:

Reconciliation of total debt to non-current debt

The table below reconciles total debt to non-current debt as at September 30, 2026, December 31, 2025 and September 30, 2025:

Reconciliation of net total debt to non-current debt and total assets (net of cash and cash equivalents) to total assets

The table below reconciles net total debt to non-current debt and total assets (net of cash and cash equivalents) to total assets as at September 30, 2026, December 31, 2025 and September 30, 2025:

Reconciliation of adjusted EBITDAFV to net income (loss) and normalized adjusted EBITDAFV

The table below reconciles adjusted EBITDAFV to net income for the three months ended September 30, 2026, December 31, 2025, and September 30, 2025; for the nine months ended September 30, 2026, September 30, 2025 and September 30, 2024; and for the years ended December 31, 2025 and December 31, 2024:

 

Brampton, Ontario

Oshawa, Ontario

Frankfurt, Germany

Calgary, Alberta

West Sussex, U.K.

Whitby, Ontario

Election Day is here. Voters nationwide will decide control of the U.S. House and Senate. Democrats must flip four seats in the Senate and three seats in the House to wrest control of the chambers from Republicans. Control of Congress would give Democrats a way to push back against President Donald Trump’s agenda during the final two years of his term. The battle for control is playing out mostly in states and districts Trump previously won by wide margins.

All eyes are on Senate contests in Alaska, Iowa, Kansas, Maine, Michigan, Ohio and Texas, while House battlegrounds are scattered across the country.

Democrats have homed in on Trump’s poor approval rating, public dissatisfaction with the war in Iran and affordability concerns. Republicans have focused on social issues, while Trump has made himself the central character of the midterms.

Here's the latest:

Jeffries, who’s in line to make history as the first Black speaker of the House if Democrats seize control and elect him to the job, said House Democrats don’t work for any president.

“We work for all of you, the American people, and we’re committed to delivering an America that’s the best version of herself,” he said.

He told the volunteers that Democrats are “committed to ending this national nightmare, fighting to make this country affordable” and “continuing our country’s long, necessary and majestic march toward a more perfect union.”

He urged them on: “Let’s go win this thing.”

More than half of voters strongly or somewhat favor the free market principles of capitalism.

Only about 3 in 10 feel similarly positive about socialism, in which the government plays a greater role in economic activity.

Trump and other Republicans campaigned on the idea that many Democratic candidates with their plans for universal healthcare were socialist. Democrats countered that the Trump administration had taken ownership stakes in dozens of private companies.

Voters are unhappy with Trump’s war with Iran.

About 6 in 10 voters say the U.S. made the “wrong decision” in taking military action against Iran. The cost of the unpopular war has risen to more than $47.1 billion, according to a recent estimate from the Pentagon.

Roughly one-third of voters say the Iran war was a “crucial” factor in their vote for Congress, which is lower than the share of those who expressed concern over the cost of living and government corruption.

Trump has asserted that higher gas and energy prices resulting from conflict will drop.

About 8 in 10 voters say inflation has caused a “severe” or “moderate” financial hardship on their households.

The drag caused by prices rising faster than wages over the past year has made it harder for many voters to afford basic essentials such as gasoline, groceries and their utilities.

The persistent concern is a carryover from the 2024 presidential election when voters specifically tasked Trump to solve the problem, but inflation is now higher than it was when he returned to the White House.

More than 8 in 10 voters say they are “very” or “somewhat” concerned about the cost of gas, groceries, utilities and healthcare.

House Democratic Leader Hakeem Jeffries popped by to rally and thank volunteers at a phone bank in Washington for battleground House candidates.

“We’re on the brink of a dramatic change in the direction in the country,” Jeffries said.

“We’re on the brink of Democrats taking back control of the House of Representatives.”

He said a Democratic win would be a victory for Americans.

“We’re going to deliver a Congress that actually puts the American people first,” he said.

House Democrats have opened a phone bank in Washington with dozens of volunteers calling voters in key House races across the country before polls close.

They’re encouraging voters to cast ballots as Democrats work to wrest control of the House from Republicans.

Some Chicago polling places ran out of paper ballots.

Chicago Board of Elections spokesperson Julie Metea said more ballots would be printed and that everyone in line by the time polls close would be able to vote — though it might be a long wait for an electronic voting machine. Voters could also go to one of the city’s universal voting centers.

In the Logan Square neighborhood, Jenna Roggensack, 37, said poll workers told her in the morning to return later. Because she’s a teacher who had the day off, that was possible — if inconvenient. When she returned, she said she had to wait an hour and a half, though ultimately did get to vote.

Later in the afternoon, though, a poll worker emerged and told those waiting outside that they had run out of paper ballots again.

Voters overwhelmingly feel frustrated with the way things are going in the U.S. today, according to The AP Voter Poll, which points to a midterm electorate that is deeply unhappy with the country’s direction and pessimistic about the future.

About three-quarters of voters say they feel “angry” or “dissatisfied” with the country’s current trajectory. Only about one-quarter feel “satisfied” or “enthusiastic.” Dissatisfaction was particularly high in blue states like California and Massachusetts, but even in deep-red states, a majority of voters were at least “dissatisfied.”

Voters are also displeased with the condition of the economy, with roughly three-quarters saying it is “not so good” or “poor.” That’s in line with what U.S. adults have said in recent months in AP-NORC polling.

Voters say the economy and the state of democracy are the top issues facing the country, with high costs and government corruption weighing heavily on many Americans’ minds as they cast a ballot in Tuesday’s midterm elections.

About 4 in 10 U.S. voters nationally say the economy is the most important issue facing the country, as most express concern about gas prices and the cost of groceries. About 3 in 10 say the state of democracy is the top issue. Only about 1 in 10 say the same about immigration or health care, and few name foreign policy or crime.

Roughly half of U.S. voters say government corruption and the cost of living are “crucial” to their vote for Congress, much higher than the share who say that about immigration enforcement policies, the war in Iran or AI data centers.

The handful of House members who flipped the toughest seats in 2024 all face challenging races again this year. Can they avoid a sophomore slump?

Most of these districts flipped to the GOP in 2024, riding Trump’s coattails as he clinched a second term. The good news for these Republicans is that it’s almost always easier to win a seat that you already represent. The bad news is that many of them won their seats by tiny margins and are facing a much tougher national environment this time around.

See other House races to watch in the AP’s guide to battleground congressional districts here.

Relatively few voters have positive things to say about Trump’s economic leadership.

About two-thirds of U.S. midterm voters say Trump’s policies have worsened economic conditions in the U.S., while only about 3 in 10 say they’ve improved things. Similarly, about two-thirds of voters said Trump’s tariff policies have hurt the national economy.

Views of Trump’s priorities more broadly — and his capabilities as a leader — are also mostly negative. More than half of voters say Trump is not a strong leader, does not fight for people like them, does not have the right priorities and does not have the mental capability to serve effectively as president.

About 6 in 10 voters said Trump places a higher priority on his own personal interests than the country’s interests, while about 4 in 10 said he puts more weight on the country’s interests.

The Trump administration notified prominent Democratic attorney Marc Elias and others that they may be targets of the inquiry, which focuses on a Senate candidate who shares a name with the Republican incumbent.

That’s according to two people familiar with the matter, who spoke on condition of anonymity to discuss an ongoing investigation.

Trump’s DOJ is investigating retired teacher Dan J. Sullivan’s decision to run for Senate, which the president says will confuse voters because he shares a first and last name with Republican incumbent Dan S. Sullivan. The New York Times reported that Democrat Mary Peltola’s campaign appeared to be involved in recruiting Dan J. Sullivan.

“This administration has repeatedly weaponized the DOJ against the President’s political enemies despite zero evidence of wrongdoing, and we are the latest targets,” Elias said in a statement Tuesday.

▶ Read more

Most voters want to see Congress provide more checks and balances on the presidency and disapprove of how Congress is handling its job.

The AP Voter Poll shows roughly 7 in 10 voters say Congress is doing “not enough” to provide checks and balances on the presidency. Only about 2 in 10 say it’s doing “about the right amount,” and about 1 in 10 say Congress is doing “too much.”

The survey reflects deep unhappiness with the president and Congress. About 6 in 10 voters disapprove of how Donald Trump is handling the presidency, while about three-quarters of voters disapprove of the way Congress is handling its job.

Voters are in the mood for change, according to the AP Voter Poll, which found that roughly three-quarters of voters say they feel “angry” or “dissatisfied” with the way things are going in the country today. Most appear to blame the Trump administration for high costs. About 6 in 10 say higher-than-usual prices are “more because of Trump’s policies” rather than “more because of factors outside Trump’s control.”

Additionally, about 70% of voters want Congress to provide more checks and balances on the presidency.

The AP Voter Poll, an expansive survey of the electorate, suggests most are deeply unhappy with Trump, with roughly 6 in 10 saying they disapprove of how he’s handling the presidency.

About 4 in 10 say the economy is the most important issue facing the country, while 3 in 10 say the most important issue is democracy, according to the poll, well above the number who said the same about crime, health care and immigration.

▶ Read more

Federal immigration officials took to social media on Election Day to warn against illegal voting by noncitizens.

In a message on X, U.S. Immigration and Customs Enforcement wrote: “If you vote illegally, we will find you. We will track you down, arrest you, and prosecute you. There will be no escape.”

The agency did not return messages seeking comment about the post. Throughout Tuesday, it also posted about arrests of noncitizens accused of voting.

While that has been a major emphasis for the agency this year, the number of arrests and earlier investigations in the states demonstrate the problem is rare.

David Becker, executive director of the Center for Election Innovation & Research, called the post unfortunate but said heavy early voting suggested the administration’s tactics appeared to have no effect on turnout.

“If there were individuals in this administration who thought that they could scare voters away from this election, they’re going to be disappointed,” he said.

Many incumbents running for reelection in redrawn districts are facing a very different set of voters than they currently represent.

Several districts went from being majority-nonwhite to majority-white after mid-decade redistricting. These are also some of the places that shifted the most toward Trump when comparing the 2024 vote margin under old and new congressional boundaries.

Similarly, a number of districts shifted from being majority-white to being majority-nonwhite. Many of these districts also shifted toward Harris, but some in Texas and Florida moved further to the right.

Michigan election officials objected after hearing that federal poll monitors in Dearborn and Flint were asking workers about their training or requesting to see training materials, a spokesperson said.

“This is not permitted under the law,” said Angela Benander of the Department of State.

The U.S. Justice Department agreed and pledged to inform the election monitors, Benander said.

Separately, she said federal monitors in Lansing were trying to talk to voters, which is OK if the exchange happens after a ballot is cast and is outside the polling place.

“We don’t have any concerns,” Benander said.

Officials in Pennsylvania’s Chester County say they’re extending voting hours in three precincts after “machine set-up issues” delayed the opening of polling sites just west of Philadelphia.

The Chester County Court of Common Pleas granted the three precincts a 30-minute extension, meaning voters will be able to cast ballots until 8:30 p.m. EST, according to the county.

Voters casting ballots at these three sites after 8 p.m. EST — when polling stations close statewide — will use provisional ballots.

Election officials extended voting hours at each location after county election supervisors reported delays caused by technical problems with computers.

The longest extension granted by the North Carolina State Board of Elections was 45 minutes at one location in Columbus County, where officials said computer problems forced election workers to switch to backup paper poll books, slowing lines Tuesday morning.

Two precincts in Hertford County and one each in Lenoir and Wilson counties also will stay open an extra 15 to 30 minutes. The five-member board approved each extension unanimously.

The extended hours mean state election officials in North Carolina won’t begin reporting results until after the last polling site closes at 8:15 p.m. ET, said Adam Steele, an attorney for the election board. He said county election officials will tally their votes without delay.

Polls in North Carolina close at 7:30 p.m. ET, unless extended by the board.

At least half of U.S. adults have a negative opinion of the two parties, according to AP-NORC polling.

About half have a “very” or “somewhat” unfavorable view of the Democratic Party in an AP-NORC poll from October, while just over half say that about the Republican Party.

Roughly 7 in 10 Democrats hold a favorable view of their own party, which is down from 85% in September 2024. Republicans, however, feel about as positively as they did two years ago, with 85% in the latest polling saying they have a favorable view of the Republican Party.

Only about 2 in 10 U.S. adults feel “very” or “somewhat” optimistic about the future of the Democratic Party or the Republican Party. Republicans are a bit more optimistic about their party’s future than Democrats are — slightly fewer than half of Republicans, 46%, say they are feeling positive, compared to 35% of Democrats.

In southeastern Texas, Juventino Sáenz accompanied a relative to the polls in McAllen.

The 91-year-old Korean War veteran who said he’d voted early shared his feelings about Trump’s decision to go to war with Iran.

Sáenz blamed Iran but also blamed Trump, saying the president should have gone to Congress for permission.

“He couldn’t do it just because he’s the president,” Sáenz said.

He said he’s backed Republicans in the past, citing his votes for Ronald Reagan and George H.W. Bush for president.

But in the closely watched Texas U.S. Senate race, Sáenz said he voted for Talarico, the Democrat, because he didn’t like Paxton’s record or that Paxton’s own Republican Party impeached him.

“He was doing a lot of things that were not right,” he said of Paxton.

Gas prices have shot up by nearly a third since Trump launched his war against Iran, fueling voter distress about the economy and high prices. But another fuel source has risen even higher and caused potentially more pain.

That’s diesel fuel, which powers not just a whole bunch of farming and industrial equipment but the ships and trucks that transport a range of goods and services to voters’ doors.

Diesel prices have nearly doubled since the start of the Iran war. A disproportionate share of the oil that comes through the Strait of Hormuz is used to make diesel. Ukrainian strikes on Russian refineries that produce the fuel added to the shortage.

That pushed Trump to take controversial action to try to lower the price of diesel, cutting a deal with Russian President Vladimir Putin to sell diesel from his country to the U.S. But even that hasn’t significantly brought diesel prices down.

Maryland’s Wes Moore is the only Black governor in the U.S., and he’s only the third elected Black governor in history, all of them Democrats and men.

But Moore, who’s heavily favored for reelection, could soon have company.

There are seven additional Black major-party nominees for governor. They include Republicans and Democrats, men and women. Each would be the first Black chief executive in their respective states.

Georgia’s Keisha Lance Bottoms, the former Atlanta mayor and a Democrat, and Minnesota’s Lisa Demuth, a former state legislative leader and a Republican, could each make history. No Black woman has ever been elected as governor.

Two Black Republican men are on gubernatorial ballots: Byron Donalds in Florida and John James in Michigan. Both are U.S. representatives currently.

Three other Black men, all Democrats, round out the slate: Aaron Ford in Nevada, Jermaine Johnson in South Carolina and David Crowley in Wisconsin.

More than 59 million people have voted so far, according to an Associated Press analysis.

The advance vote has spiked ahead of Election Day compared to 2022. There were 59.7 million ballots cast as of Tuesday, compared to a little over 58 million in 2022.

The tally includes early in-person and mail balloting.

The election will determine which party controls the House and Senate.

At Trump’s urging, Republicans in eight states adopted new congressional districts to try to gain an edge in the midterm elections. But after a long legal battle, Missouri’s new map was blocked by both the U.S. Supreme Court and the Missouri Supreme Court because of a referendum petition.

Voters are now deciding whether to uphold or reject the new map. If approved, it could be used in the 2028 election.

Maryland voters are deciding a constitutional amendment that also could pave the way for a new House map in the 2028 election. Democratic proponents have urged a “yes” vote as a means to “stop Trump.”

Some Colorado Democrats also want to redistrict. But a citizen initiative on the ballot there would prohibit any potential redistricting for 2028 from favoring one political party and require approval from both an independent commission and the state Supreme Court.

Democrats’ path to winning the House could rest with progressive candidates challenging Republicans in districts that swung between Trump and Joe Biden.

In California’s 22nd District, incumbent Rep. David Valadao faces Democratic challenger Randy Villegas, who has Sen. Bernie Sanders’ endorsement.

In Colorado’s 8th District, Rep. Gabe Evans faces Democrat Manny Rutinel, who had campaigned with New York City Mayor Zohran Mamdani.

In Michigan’s 7th District, Rep. Tom Barrett is up against Will Lawrence, a longtime liberal activist and former member of the Democratic Socialists of America.

Republicans are hoping their rivals’ political backgrounds are a mismatch in districts that are by and large evenly divided politically.

Astronaut Anil Menon’s sleeping compartment aboard the International Space Station doubled as his voting booth. Menon said in a brief video posted via X on Tuesday that he used his computer to fill out and submit an electronic ballot to Harris County, Texas. Crewmates Jessica Watkins and Luke Delaney did the same.

Harris County is home to NASA’s Johnson Space Center and Mission Control.

U.S. astronauts have been voting in space since 1997.

Election official Heather Russell, right, assists a voter at the Nolensville Recreation Center polling place Tuesday, Nov. 3, 2026, in Nolensville, Tenn. (AP Photo/George Walker IV)

A voter casts their ballot at El Mansour, a Moroccan restaurant, on Election Day Tuesday, Nov. 3, 2026, in San Francisco. (AP Photo/Jeff Chiu)

JoAnna Mendoza, left, Democratic candidate for Arizona's Sixth Congressional District, talks with supporter Brenda Robbins in Casa Grande, Ariz., Tuesday, Nov. 3, 2026. (AP Photo/Ross D. Franklin)

Santiago Rivera paints on a sign outside a polling place after casting his ballot on Election Day during the midterm election Tuesday, Nov. 3, 2026, in Clayton, Mo. (AP Photo/Jeff Roberson)

Rep. Susie Lee, D-Nev, and Democratic gubernatorial candidate Nevada Attorney General Aaron Ford join members of the Culinary Workers Union on Election Day Tuesday, Nov. 3, 2026, in Las Vegas. (AP Photo/John Locher)

A voting location is seen at the Greater Middle Baptist Church on Nov. 3, 2026 in Memphis, Tenn. (AP Photo/Kevin Wurm)

Jerry Lorimer votes at the Kanwaka township hall Tuesday, Nov. 3, 2026, near Lawrence, Kan. (AP Photo/Charlie Riedel)

Voters wait in line to cast their ballots at a polling place at Central Bucks South High School on Election Day in Warrington, Pa., Tuesday, Nov. 3, 2026. (AP Photo/Matt Rourke)

A voter carries their ballot at the Brooklyn Museum in New York on Election Day, Tuesday, Nov. 3, 2026. (AP Photo/Yuki Iwamura)

A person walks to the City of Arlington South Service Center ahead of the polling place opening on Election Day, Tuesday, Nov. 3, 2026, in Arlington, Texas. (AP Photo/Julio Cortez)