Dividend cut by 33%So much for the previous post that said "the dividend is now more sustainable."
TORONTO, ONTARIO--(Marketwired - June 22, 2017) - DREAM OFFICE REAL ESTATE INVESTMENT TRUST (TSX:D.UN) ("Dream Office REIT", the "Trust" or "our") today announced the acceleration of its strategic plan (the "Strategic Plan") with the execution of agreements to sell (i) the Trust's 50% interest in Scotia Plaza to its existing co-owners, KingSett Capital ("KingSett"), on behalf of its KingSett Canadian Real Estate Income Fund LP, and the Alberta Investment Management Corporation ("AIMCo"), on behalf of certain of its clients, and (ii) a portfolio of other assets to KingSett, on behalf of its KingSett Real Estate Growth LP No. 6, for an aggregate gross disposition price of approximately $1.4 billion. In addition, the Trust has $0.3 billion of properties under contract for disposition with separate purchasers. The Trust also announced its intention to commence a $440 million substantial issuer bid and the revision of the Trust's distribution from $1.50 per unit to $1.00 per unit, on an annualized basis, effective with the July 2017 distribution, payable on August 15, 2017.