Saturday, October 1 2022

TORONTO–(BUSINESS WIRE)–DREAM OFFICE REAL ESTATE INVESTMENT TRUST (D.UN-TSX) or (“Dream Office REIT”, the “Trust” or “we”) today announced that the Toronto Stock Exchange (“TSX”) has accepted a notice filed by Dream Office REIT to renew its prior normal course issuer bid for a period of one year. Pursuant to the Offer, Dream Office REIT will have the option to purchase for cancellation up to a maximum of 3,292,287 of its REIT Units, Series A (the “REIT A Units”) (representing 10% of Dream Office REIT’s public float of 32,922,872 REIT A Units) through the TSX. The offer will commence on August 19, 2022 and will remain in effect until August 18, 2023 or the date Dream Office REIT has purchased the maximum number of REIT A Units permitted under the offer. Daily redemptions will be limited to 34,512 REIT A Units, which represents 25% of the average daily trading volume of REIT A Units on the TSX over the last six calendar months (i.e. 138,048 REIT A Units per day ), other than purchases in accordance with Block Purchase Exceptions. As of August 5, 2022, the number of REIT A units issued and outstanding was 47,035,382.

As part of the renewal of its normal course issuer bid, Dream Office REIT has implemented an automatic securities repurchase program (the “To plan”) with its designated broker to facilitate the purchase of REIT A Units under the normal course issuer bid when Dream Office REIT would not normally be permitted to purchase its REIT A Units due to regulatory restrictions or self-imposed blackout periods. Purchases will be made by Dream Office REIT’s broker within the parameters prescribed by the TSX and the terms of the parties’ written agreement. Outside of these restricted or blackout periods, REIT A Units may also be purchased at the discretion of management. The plan has been pre-approved by the TSX and will expire on August 18, 2023.

Dream Office REIT renewed its normal course issuer bid because it believes that the REIT’s A Units could become available during the term of the offer at prices that would make the purchase of such A Units from REIT for cancellation in the best interests of Dream Office REIT and its unitholders.

Dream Office REIT’s prior issuer bid to purchase up to 3,676,723 REIT A Units expired on March 11, 2022, at which time the Trust acquired the maximum number of REIT A Units permitted as part of the offer. Pursuant to this offering, Dream Office REIT purchased for cancellation 3,676,723 REIT A Units through the facilities of the Toronto Stock Exchange at an average price of $23.79 for a total cost of approximately 87 .5 million dollars.

Dream Office REIT is an unincorporated open-ended real estate investment trust. Dream Office REIT is a leading office owner in downtown Toronto with over 3.5 million square feet owned and managed. We have carefully curated an investment portfolio of high quality assets in irreplaceable locations in one of the best office markets in the world. For more information, please visit our website at

Forward-looking information

This press release may contain forward-looking information within the meaning of applicable securities laws, including with respect to future purchases of REIT A Units by the Trust. 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 control of the Trust, which could cause actual results to differ materially from those are disclosed or implied by such forward-looking information. – search for information. These risks and uncertainties include, but are not limited to, general and local economic and business conditions; employment levels; mortgage and interest rates and settlements; uncertainties surrounding the timing and amount of future funding; the uncertainties surrounding the COVID-19 pandemic; the effect of governmental restrictions on rental and construction traffic; the ability of the Trust and its tenants to access government programs; the financial situation of tenants; our ability to refinance maturing debt; leasing risks, including those associated with the ability to lease vacant space; rental rate on future rentals; future parking revenues and interest rate and exchange rate functions. Our objectives and forward-looking statements are based on certain assumptions, including that the general economy remains stable, interest rates remain stable, real estate market conditions remain consistent, competition for acquisitions remains consistent with the current climate and that capital markets continue to provide easy access to equity and/or debt. All forward-looking information contained in this press release speaks as of August 17, 2022. The Trust does not undertake to update such forward-looking information, whether as a result of new information, future events or otherwise. , unless required by law. Additional information about these assumptions and risks and uncertainties is disclosed in filings with securities regulatory authorities filed on SEDAR ( These documents are also available on the Trust’s website at


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